Robert Lindsay
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Rijkman Groenink, the chief executive of ABN Amro, has used his first big interview to insist that he will not succumb to pressure to resign over the bitter bid battle for the Dutch bank.
Some ABN shareholders, including TCI, the hedge fund, have demanded that he step down after he agreed a “poison pill” deal that favours a bid by Barclays over a higher offer from a consortium led by Royal Bank of Scotland. That deal has been blocked by a Dutch court because Mr Groenink failed to get shareholder approval. ABN is challenging that decision.
Mr Groenink told Dutch television that he had never considered resigning. He said: “It is not keeping me awake at night . . . I am just doing my job.”
Mr Groenink also said that he was not under internal pressure to resign. “I can categorically rule that out,” he said.
ABN’s chief said that the bank had been advised by its lawyers that a shareholder meeting was not needed over the deal to sell LaSalle, ABN’s US bank, and that ABN’s supervisory and managing boards made the decision together. “Everyone was unanimously behind it,” he said.
Mr Groenink acknowledged that “emotions are high” among ABN staff, clients and investors. He said ABN was working to defend their interests and secure its future by pursuing a “clear offer” from all potential buyers.
He reiterated ABN’s support for the Barclays bid, but said that the merger protocol agreed with Barclays “says that if another clearly defined bid is made, we will consider it and if we deem that bid to be superior, we will deal with it”.
Mr Groenink added: “It may be that we recommend one bid over another, but we will not do anything to stand in the way of a party wanting to make a bid.”
ABN issued a statement earlier this week outlining its discussions with the RBS consortium, and has said that “a change in management has not been considered”.
However, the dispute has already cost Mr Groenink one job. He withdrew his nomination to the board of Shell this Monday on the eve of a shareholder vote in the Anglo-Dutch oil company, after objections by ABP, a big Dutch pension fund, which said it was considering voting against his election.
Mr Groenink has faced the wrath of ABN shareholders at a meeting called by TCI to argue for a break-up of the bank.
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