Friday, June 17, 2005
Italians Staving Off Attempts of Dutch and Spanish Banks to Take over Two Italian Banks

The ANNOTICO Report

ITALIANS TRUMP ABN AMRO OFFER

The Guardian
David Gow in Brussels
Thursday June 16, 2005

Italians moved closer yesterday to retaining control of one of their
country's leading banks when Banca Popolare di Lodi raised its bid for
rival Banca Antonveneta to €27.50 (£18.26) a share, valuing it at €7.93bn.

Its offer of cash and shares, up €1.50, trumps the ABN Amro's bid, which
last week raised its own offer by the same amount to €26.50, valuing its
target at €7.6bn.

The Dutch bank, which owns 25% of Antonveneta, is struggling against
Italian resistance, led by the Bank of Italy governor, Antonio Fazio, to a
foreign takeover.

A bid by Spain's BBVA for Banca Nationale del Lavoro also faces resistance.
ABN said it would not raise its offer.