ING will not bid for ABN Amro

Source: Exec Digital UK

Date :01/10/2008 08:50:51

Global financial group ING plc has announced it will not make an offer for ABN Amro Netherlands.

ING issued a statement that there will be no attempt to acquire the group from Fortis.

Citing that the 'ultimate responsibility is to our shareholders', the insurer quashed speculation that it could close a deal for ABN Amro’s Dutch units within two weeks.

"Yesterday, everybody was afraid ING would make an offer and would overpay. The shares are up now because they said they would not make an offer," said Renate Brand, an Analyst with SNS. It is thought that antitrust issues may also have been of concern.

ING’s shares rose 4.15 percent on the news, to €14.94.