British hedge fund TCI will take legal action against ABN Amro, currently in exclusive merger talks with Barclays, unless the Dutch bank considers other offers for its business, financial daily Financieele Dagblad reported on Monday, citing a TCI spokesman [via Reuters].
The Children’s Investment Fund, which urged ABN AMRO last month to break up or sell itself and triggered the bank’s talks with Barclays, has argued that ABN should consider all offers before agreeing to a merger with Barclays, the Dutch newspaper said.
One week ago, Barclays and ABN outlined a framework for a merger for a combined bank that would be listed in London, headquartered in Amsterdam and have its two top jobs split.
Last week, TCI said that ABN’s exclusive talks with Barclays does not prevent it from considering other offers, and that it should consider “bids by other credible institutions in order to produce the best result for shareholders.”