Filed by The Royal Bank of Scotland Group plc
This communication is filed pursuant to Rule 425 under
The Securities Act of 1933, as amended.
Subject Company: ABN AMRO Holding NV
Commission File Number: 001-14624
Date: July 16, 2007
On July 16, 2007, Royal Bank of Scotland, Fortis and Santander issued the
following joint press release:
16 July 2007 - Fortis, RBS and Santander Confirm Proposed Offer for ABN AMRO
of EUR38.40
Fortis, RBS and Santander (collectively "the Banks") today confirm their
intention to proceed with their proposed offer for ABN AMRO. The value offered
per ABN AMRO Share remains unchanged at EUR38.40 and the cash component of the
proposed offer is increased to approximately 93%. The Banks will remove
pre-conditions and conditions relating directly to the LaSalle Situation. The
Banks have received assurances from ABN AMRO that their proposed offer will be
dealt with on a level playing field.
The Banks intend to offer the following (the "Revised Offer"), through their
acquisition vehicle RFS Holdings (subject to certain pre-conditions):
EUR38.40 per ABN AMRO Share, 13.7% above the value of Barclays' proposed
Offer(1)
Comprising EUR35.60 in cash plus 0.296 New RBS Shares
Under this Revised Offer, the total consideration payable by the Banks to ABN
AMRO shareholders will be EUR71.1 billion. The share of the consideration to be
provided by each Bank will remain unchanged at the figures set out in the Banks'
announcement of 29 May 2007.
Approximately 93%, or EUR66 billion, of the Revised Offer consideration will be
payable in cash, and the remaining 7%, or EUR5 billion, will comprise New RBS
Shares.(2) No element of the consideration will be contingent on the LaSalle
Situation.
The Revised Offer will be subject to the satisfaction or waiver of certain
conditions customary for transactions of this type and other conditions
including those set out in the Banks' announcement of 29 May except that the
Revised Offer will not be subject to pre-conditions or conditions relating
directly to the LaSalle Situation. The conditions to the Revised Offer will
include ABN AMRO not having made or agreed to make any acquisitions or disposals
of a material part of its business or assets, with the exception of the disposal
of LaSalle.
The Banks are well advanced in the process of making filings for and receiving
regulatory and competition approvals. Approvals have already been received from
a number of regulatory authorities, including the UK Financial Services
Authority.
The Banks intend to issue offer documentation and to make a public SEC filing as
soon as possible following the completion of review processes by the AFM and the
UKLA.
The Banks firmly believe that the Revised Offer is the most valuable option
available to ABN AMRO shareholders. The Banks continue to believe that the
acquisition of ABN AMRO by the Banks will deliver significant benefits for
customers and employees.
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(1) Based on the price of RBS Ordinary Shares of 640.0p at the close of business
on 13 July 2007 and on the value of Barclays' proposed offer on the basis set
out in the Banks' announcement of 29 May 2007
(2) Based on undiluted number of shares, as set out in Appendix IV of the Banks'
announcement of 29 May 2007
Capitalised terms in this announcement are as defined in the Banks' announcement
of 29 May 2007, unless otherwise defined in this announcement.
Important Information
This announcement is made pursuant to article 9b(1) of the Dutch Decree on the
Supervision of the Securities Trade 1995.
In connection with the proposed offer for ABN AMRO, RBS expects to file with the
U.S. SEC a Registration Statement on Form F-4, which will constitute a
prospectus, and the Banks expect to file with the SEC a Tender Offer Statement
on Schedule TO and other relevant materials. INVESTORS ARE URGED TO READ ANY
DOCUMENTS REGARDING THE PROPOSED OFFER IF AND WHEN THEY BECOME AVAILABLE,
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors will be able to
obtain a copy of such documents, without charge, at the SEC's website
(http://www.sec.gov) once such documents are filed with the SEC. Copies of such
documents may also be obtained from each Bank, without charge, once they are
filed with the SEC.
This communication shall not constitute an offer to sell or the solicitation of
an offer to buy any securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such
jurisdiction. This press release is not an offer of securities for sale into the
United States. No offering of securities shall be made in the United States
except pursuant to registration under the US Securities Act of 1933, as amended,
or an exemption therefrom.
Forward-Looking Statements
This announcement includes certain "forward-looking statements". These
statements are based on the current expectations of the Banks and are naturally
subject to uncertainty and changes in certain circumstances. Forward-looking
statements include any statements related to the benefits or synergies resulting
from a transaction with ABN AMRO and, without limitation, statements typically
containing words such as "intends", "expects", "anticipates", "targets",
"plans", "estimates" and words of similar import. By their nature,
forward-looking statements involve risk and uncertainty because they relate to
events and depend on circumstances that will occur in the future. There are a
number of factors that could cause actual results and developments to differ
materially from those expressed or implied by such forward-looking statements.
These factors include, but are not limited to, the presence of a competitive
offer for ABN AMRO, satisfaction of any pre-conditions or conditions to the
proposed offer, including the receipt of required regulatory and anti-trust
approvals, the successful completion of the offer or any subsequent compulsory
acquisition procedure, the anticipated benefits of the proposed offer (including
anticipated synergies) not being realized, the separation and integration of ABN
AMRO and its assets among the Banks and the integration of such businesses and
assets by the Banks being materially delayed or more costly or difficult than
expected, as well as additional factors, such as changes in economic conditions,
changes in the regulatory environment, fluctuations in interest and exchange
rates, the outcome of litigation and government actions. Other unknown or
unpredictable factors could cause actual results to differ materially from those
in the forward-looking statements. None of the Banks undertake any obligation to
update publicly or revise forward-looking statements, whether as a result of new
information, future events or otherwise, except to the extent legally required.
Any offer made in or into the United States will only be made by the Banks
and/or RFS Holdings directly or by a dealer-manager that is registered with the
SEC.
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Fortis N.V., Archimedeslaan 6, 3584 BA Utrecht, Netherlands; Fortis SA/NV, Rue
Royale 20, 1000 Brussels, Belgium
The Royal Bank of Scotland Group plc, Head Office, Gogarburn, Edinburgh EH12
1HQ, U.K. Registered Office, 36 St Andrew Square, Edinburgh EH2 2YB, U.K.
Registered in Scotland No 45551
Banco Santander, S.A., Ciudad Grupo Santander, Avenida de Cantabria, s/n, 28660
Boadilla del Monte, Madrid, Spain