ING rules out offer for ABN Amro

0 Comments | AFP, September, 2008

THE HAGUE (AFP) — Dutch banking group ING on Monday ruled out making an offer to buy rival ABN Amro from the embattled Belgian-Dutch financial group Fortis.

"ING ... does not intend to make an offer to acquire ABN Amro Netherlands from Fortis," the bank said in a statement.

"ING has examined the situation closely and carefully. We are mindful of the interests of all stakeholders, but recognise that the ultimate responsibility is to our shareholders."

Fortis shares plummeted a record 23.55 percent Monday, leading the Amsterdam stock exchange in an 8.75 percent decline -- reportedly its biggest in 21 years.

The banking and insurance group turned morning gains into another record loss despite Sunday's announcement of its part nationalisation in a...