Key day for ABN Amro takeover battle

The long-running takeover battle for ABN Amro reached a critical stage today as Barclays formally launched its takeover offer and shareholders at one of its rival bidders prepared for a key vote.

The offer proposal from Barclays, which values the Dutch bank at around €67.5bn, will now be sent to ABN’s estimated 90,000 shareholders ahead of a special meeting on September 20.

Meanwhile, a rival consortium featuring Royal Bank of Scotland is awaiting the outcome of a vote by shareholders of Belgium bank Fortis, part of the team hoping to land ABN Amro for around €71.1bn.

They will be asked to back a €12.8bn rights issue, a fund-raising move which could be crucial for the progress of the consortium.