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Journalism of Courage
Dutch bank ABN AMRO and British bank Barclays have confirmed they are in exclusive “exploratory discussions” to merge with each other.
“ABN AMRO confirms that it is in exclusive preliminary discussions with Barclays Plc concerning a potential combination of the two organisations,” ABN AMRO said in a statement. In a separate statement, Barclays too acknowledged it was in early and exclusive discussions with ABN AMRO.
“These discussions are the result of careful consideration to create a highly complementary partnership. The talks are at an early and exploratory stage and there can be no certainty that they will lead to a transaction,” the Dutch bank added.
Shares in Dutch bank ABN AMRO hit a record high as Barclays and other banks considered a takeover approach that could result in Europe’s biggest financial services deal. The two companies have agreed on some of the main issues on a possible merger, a source close to the negotiations said on Tuesday.
The merged company would have a British Plc status, be headquartered at Amsterdam and be headed by a Dutch chairman, the source said.
