ABN Amro says Italian regulator clears way for Antonveneta bid

0 Comments | AFP, April, 2005

AMSTERDAM, (AFP) — Dutch Bank ABN Amro has received approval from Italian stock market regulator Consob to publish the offer document for its takeover offer for Banca Antonveneta, it said in a statement.

ABN Amro is offering 25 euros (32.02 dollars) per share in cash for each Antonveneta share. The bank, which said late on Thursday that it had obtained Italian approval, plans to publish the offer document by the end of next week.

ABN Amro's bid is under pressure from Italian regional bank Banca Popolare di Lodi (BPL) which has said it wants to raise its stake in Banca Antonveneta to 29.9 percent, just below the threshold requiring a takeover bid.

The Dutch bank is bound by a shareholders' pact that blocks it from buying shares in Antonveneta. This agreement...