Record Profits for Santander Group
Santander Group obtained 1,802 million euros in the first quarter of this year which is 20.7% more than the same period in 2006 according to an official spokesperson.
Fortis, Royal Bank of Scotland (RBS) and Santander announced today that they have informed ABN Amro of their intention to launch a takeover bid for 100% of the social capital of the Dutch company.
Santander Group attributes the rate of growth in profits to the fact that money received by the group was more than double their costs.
The takeover bid depends on the terms of the contract that ABN has signed with the Bank of America with respect to LaSalle Bank. Barclays, who are also interested in taking over the Dutch entity, has placed the condition that ABN sells its subsidiary company LaSalle to the Bank of America. The new offer led by Santander Group however, places the condition that the Dutch bank does not get rid of LaSalle.
Dutch legislation forbids publicising the price of the offer for the timebeing although Santander, Fortis and RBS communicated their offer of 39 euros per share for the bank last Wednesday which would appear to be 13% more than Barclay’s latest offer of 75.
500 million euros.
Santander, Fortis and RBS argue that their take over bid offers significantly more value for shareholders and advantages for clients and employees than Barclays’. They have requested a reply from ABN as soon as possible.