Fortis shareholders approve ABN Amro bid

Shareholders of Dutch-Belgian group Fortis, a part of the Royal Bank of Scotland (RBS)-led consortium in the €71-billion buyout bid for ABN Amro, yesterday approved Fortis'' participation in the joint takeover bid by 95.45 per cent of shareholders at the extraordinary shareholders'' meeting in Brussels.

The vote in favour far exceeded the minimum required 75-per cent approval.

Fortis shareholders also voted in favour of issuing new shares worth €13 billion to help it finance its part of the deal.

If the results of another shareholder vote at another general body meeting in Utrecht, north of Amsterdam are also favourable, will the result be definitive.

ABN Amro shareholders are believed to back the RBS bid to the €67.5 improved offer from Barclays Plc, as it offers a higher price.