(Bloomberg) -- Royal Bank of Scotland Group Plc Chief
Executive Officer Fred Goodwin's pursuit of the world's biggest
banking takeover has already cost shareholders $6.6 billion of
market value and the fight is far from over.
Goodwin, who has overseen more than $60 billion of
acquisitions since 2000, has failed to convince investors that
the proposed $97 billion bid for ABN Amro Holding NV, the largest
Dutch bank, will increase profit fast enough to bolster Royal
Bank's underperforming stock. Shares of Royal Bank dropped 5.2
percent since the offer for ABN Amro was unveiled almost three
months ago and Goodwin estimated the deal would result in $5.2
billion of merger expenses, reducing profit for two years.
Read more at Bloomberg Exclusive News
Executive Officer Fred Goodwin's pursuit of the world's biggest
banking takeover has already cost shareholders $6.6 billion of
market value and the fight is far from over.
Goodwin, who has overseen more than $60 billion of
acquisitions since 2000, has failed to convince investors that
the proposed $97 billion bid for ABN Amro Holding NV, the largest
Dutch bank, will increase profit fast enough to bolster Royal
Bank's underperforming stock. Shares of Royal Bank dropped 5.2
percent since the offer for ABN Amro was unveiled almost three
months ago and Goodwin estimated the deal would result in $5.2
billion of merger expenses, reducing profit for two years.
Read more at Bloomberg Exclusive News
No comments:
Post a Comment