Following is a letter sent to the Editor of the Financial Times:
Sir,
It is bad news for shareholders when the failed management in a merger is able to appoint post-merger leadership ("Barclays’ concessions bring ABN deal closer" Financial Times March 20, 2007).
If the Barclays discussions with ABN-Amro do not result in a clear takeover, the resulting group with have leaders appointed by the failed party and there will be post-deal collaboration rather than sorely-needed management, which means no real decisions will be made.
Shareholders need to urgently make their views known. Barclays, or whoever comes along, needs to make a clear takeover and post-acquisition be able to make decisions accordingly, otherwise, integration will be slow, sloppy and non-existent!
Senior ABN-Amro executives have had their change to make their strategy work for years and have failed. It is time for its shareholders to step in and make sure a deal happens, over and above their management’s wishes.
Onésimo Alvarez-Moro
See article:
Barclays on Tuesday night moved closer to a takeover of ABN Amro after agreeing to move its head office to Amsterdam and allow the Dutch bank to appoint its new chairman if a deal is finalised.
Barclays, which is in exclusive talks with ABN Amro to create one of the world’s largest financial institutions, would keep the combined bank’s primary listing on the London Stock Exchange and be run by John Varley, Barclays’ chief executive.
See full Article (paid subscription required).
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