British bank Barclays has officially launched a takeover bid worth €65.5 billion for Dutch bank ABN Amro, as it looks to secure the world banking sector's biggest merger.
Barclays said it made its bid for ABN Amro after Britain's third biggest bank received the regulatory approval needed to publish its offer documentation.
The Barclays offer opens on Tuesday, with ABN Amro shareholders having until October 4 to accept it. The offer is in shares and cash.
ABN investors must weigh up Barclays' offer against a rival €71 billion bid, of which 93% is in cash, from a consortium led by the Royal Bank of Scotland and comprising also Banco Santander Central Hispano and Fortis.
ABN shareholders are set to consider the competing offers on September 20.
* Shareholders in Fortis have approved the pursuit of the offer and a share issue to finance it.
