Wednesday, 29 August 2007

Barclays set for ABN Amro takeover

BMW & Daimler Chrysler are threatening legal action against a Chinese car maker they claim is producing copies of their models, it emerged. The German companies are considering the legal challenge against Shuanghuan Automobile. BMW is said to consider Shuanghuan’s CEO model to be too similar to its own X5, while Daimler says Shuanghuan’s Noble is too close to its Smart Fortwo. (source: The Londonpaper)

Barclays is set to continue its move for Dutch bank ABN Amro despite a slump in the firm's share price wiping billions off its bid. Fears over its exposure to bad debt have sent Barclays' shares down about 16% since it made its offer. That was then worth £45.4billion ($91 billion) but as its bid is made up chiefly of hares, the falls could hit its chance of sealing the takeover. Sources close to the bank say that they do not plan to abandon the bid. Barclays' offer is now worth about £40 billion ($80 billion), while a rival RBS-led group has made a£48 billion ($96 billion) mostly cash bid. (source: BBC News)

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