By closing the banner with the [X] button you don't allow the use of profiling cookies. Therefore, we will not be able to personalize your browsing experience, nor offering you products or services based on your preferences and online behaviors.
To accept all cookies, click on the “Accept” button.
Milano, 12 June 2006
ABN AMRO and Banca Intesa announce that Banca Intesa has exercised its right to sell to ABN AMRO half of its existing 7.72% holding in Banco ABN AMRO Real capital and that ABN AMRO, having the right to pay Banca Intesa in cash or shares, opted for the cash payment.
Banca Intesa will receive approximately 224 million euro making a capital gain of approximately 35 million euro in its second-quarter 2006 consolidated statement of income.
Banca Intesa acquired an 11.58% holding in Banco ABN AMRO Real in 2003 in partial consideration for that year’s sale of its 94.57% stake in Banco Sudameris Brasil to Banco ABN AMRO Real. In relation to that transaction, Banca Intesa obtained the right to sell one third of its position in Banco ABN AMRO Real to ABN AMRO in June 2005, a further one third in June 2006 and the remainder in June 2007. In June 2005, Banca Intesa had exercised its put option on one third of its existing 11.58% shareholding. ABN AMRO holds a call option exercisable at any time which conveys the right to acquire the Banco ABN AMRO Real shares owned by Banca Intesa. In any case, ABN AMRO has the option to pay Banca Intesa either in cash or shares.
Last updated 12 June 2006 at 07:47