Abbey takeover agreed by shareholders
Shareholders with the Abbey have agreed to Banco Santander Central Hispanos takeover bid.
During a decidedly nasty EGM, Abbey's proxy voters made certain that the deal was agreed to by a margin of 756 million to 43 million, however all was not plain sailing for Abbey's chairman. Around 1000 small investors in Abbey turned up to the meeting and jeered and heckled at the board throughout the entire four and a half hour ordeal. Chairman Lord Burns' defence of the bid, which was brought into question after allegations of a recent tax-evasion case against the Spanish Bank's Emilio Botin, was met with slow handclapping, accusations and calls for resignation. At one point a motion was made to adjourn the meeting, leaving the shareholders time to consider the allegations made against Banco Santander and reconsider the takeover offer. This was met with agreement by almost everyone present, however the Chairman forged ahead with the vote on the power of the amount of proxy votes recieved. This leaves the takeover bid with only one more hurdle, that of the agreement by shareholders in Banco Santander. Financial News Feeds provided by OneCompare.com
Date published: 10/19/2004 12:31:04 PM
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