Barclays remains confident over ABN Amro bid

2 August 2007

Barclays Bank has said it remains confident over the success of its bid for ABN Amro, despite the withdrawal of approval for its bid from the Dutch bank's management board.

However, the British bank's chairman John Varley conceded that the outcome of the deal would largely depend on Barclays' share price over the coming months.

He told Reuters: "Am I confident about our ability to win the ABN Amro merger? Yes I am, but I recognize there is a significant dependency on where our stock is trading at the relevant time.

"The issue is not where the share price is today, it's where the share price is when ABN shareholders come to vote, and that is more than two months away."

News of Mr Varley's comments comes after ABN Amro this week announced that it would no longer be endorsing Barclays bid.

The Dutch bank's management board added that it would not be approving the bid from a consortium led by Royal Bank of Scotland to shareholders on the grounds that there were a number of "significant unresolved questions" over the deal.

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