October 06, 2007 at 1:00 pm by Tom Lydon
Exchange traded fund (ETF) provider Barclays has revoked its bid to buy Dutch bank ABN AMRO after a six-month battle. The withdrawal clears the way for a takeover of ABN AMRO by a rival Royal Bank of Scotland-led consortium, which outran Barclays with a higher offer, reports Sky News. If the deal goes through, it will be the largest takeover in the history of the financial industry, signaling the likely end for one of Europe’s largest banks, according to Toby Sterling for the Associated Press. Barclays is one of the largest ETF providers, and ABN AMRO is the top holding at 16.1% in the Netherlands ETF iShares MSCI Netherlands Index (EWN). Currently, EWN is up 23.0% year-to-date.
Tags: EWN, Netherlands
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