UniCredit-Commerzbank specter resurfaces with ABN Amro stake sale
The Dutch government has announced plans to sell a substantial portion of its shares in ABN Amro, the country's largest bank. This move is part of a larger trend among European governments, who have sold off approximately €13 billion in shares of banks they bailed out during the 2007-08 financial crisis this year.
According to reports, the Dutch government aims to sell around a quarter of its current 40.5% stake in ABN Amro. This chunk, worth approximately €1.4 billion, will bring in additional funds totalling more than €10.9 billion since the sales began in 2015. The government has also received nearly €6.3 billion in dividends on its investment in ABN Amro.
Barclays, the bank appointed to manage the sale, will have full discretion to conduct a measured and orderly sell down of ABN Amro shares. The sale will be executed as part of a pre-arranged trading plan in the coming days.
Once the government's stake falls below one-third, it will relinquish its right to be informed of the bank's investment or divestment decisions worth €50 million or more. Currently, the Dutch government's stake in ABN Amro accounts for about €5.3 billion of the bank's €13.2 billion market value.
However, it is worth noting that recent search results do not contain information about which institution may have made an announcement in 2022 to acquire shares of ABN Amro, as reported by a Dutch newspaper article.
This strategic move by the Dutch government is a testament to the country's confidence in the recovery of its banking sector and its commitment to fiscal responsibility. The sale of ABN Amro shares is expected to continue, with the government aiming to reduce its share to roughly 30%.
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