ABN Amro is considering a take-over of Italy's Banca Antonveneta but emphasises that this is one of many options as the Netherlands' biggest bank ponders whether to invest further in Italy or not. The Dutch bank is the single biggest shareholder in Antonveneta with nearly 13 percent and ABN Amro's ambitious chief executive Rijkman Groenink has long said he would like to expand his interests in Italy, which he calls a core market.
ABN Amro has controlled Antonveneta via a shareholders' ownership agreement, combining 30 percent of the Italian bank's capital. This expires on April 15 and ABN Amro is examining all avenues as it seeks to protect its investment.
News on Friday that ABN Amro has told the Italian central bank it might launch a bid for Antonveneta, despite protectionist Italy's limits on foreign ownership, has fuelled speculation a take-over is on the cards but analysts have doubts.
Italian newspapers said the Bank of Italy had to raise any objections to the bid plan of ABN by Monday. Spain's BBVA also told the Bank of Italy on Friday it might launch a take-over offer soon for its Italian interest, Banca Nazionale del Lavoro.
The central bank has more time to consider BBVA's proposal. Italian newspaper il Giornale said on Sunday that BBVA was unlikely to gain approval.
Antonveneta's shares have climbed more than 30 percent in the last six months on take-over speculation, valuing it at about $8.7 billion significantly more expensive than it was a few months ago. ABN Amro is worth about $45 billion.
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