Word: banking
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...said carrying off the biggest banking deal in history would be easy, but the ongoing, three month-long tug of war for ABN Amro trumps most takeover bids for drama. While rival European lenders have swooped for the Dutch bank in recent months, activist shareholders and even the Dutch courts have intervened in a drawn out saga offering no shortage of twists and turns...
...latest twist has been a doozy. On Monday, Barclays announced that China Development Bank (CDB) and Temasek, an investment group owned by the Singapore government, had agreed to invest $5 billion in Barclays now in support of its bid for ABN, and up to $18.6 billion if the takeover is successful...
...Both Asian investors will become major investors in the British bank. If Barclays is successful, the state-owned CDB would own up to around 8% of Barclays' stock. Its investment is "by far the biggest external investment ever made by China," Barclays CEO John Varley crowed Monday. "And it's very good for Barclays...
...billion, with over a third of it offered in cash. That's more than its previous approach - the all-stock bid, agreed with ABN back in April, was worth around $90 billion - but still falls short of the $98 billion offered last week by a consortium of European banks led by Royal Bank of Scotland. That bid, backed by Spain's Santander and Belgian-Dutch group Fortis, is almost all in cash...
...clock atop Cambridge Savings Bank lingered on 11:59 p.m., the hundreds of people in front of the Coop—many in line, many just watching—began to whip themselves into a frenzy...