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Daily Telegraph: ABN boss pulls out of Shell

By Richard Blackden, Online City Editor

ABN Amro’s beleaguered chief executive Rikjman Groenink has withdrawn his nomination for a seat on the board of oil giant Royal Dutch Shell in order to devote his attention to the sale of the Dutch bank.

Shell said today that Mr Groenink wants to “fully dedicate his attention to ABN Amro, given the current corporate activities around the company.”

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Mr Groenink has infuriated many of ABN Amro’s shareholders by recommending a takeover by Barclays, which values the Dutch bank at a lower price than a rival bid from a consortium led by Royal Bank of Scotland.

The Scottish bank and its partners, Fortis and Santander, today disclosed a number of documents relating to their attempt to buy ABN Amro. The consortium’s efforts hit a stumbling block last week after Mr Groenik and his board rejected an offer for ABN’s US bank, LaSalle, which ABN had already agreed to sell Bank of America for $21bn.

Sir Fred Goodwin, chief executive of Royal Bank of Scotland, and his partners have until May 27 to decide to proceed for an offer for ABN.

Last Updated: 5:00pm BST 14/05/2007

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/05/14/bcnabn14.xml

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