ABN Amro chairman withdraws Shell board offer

14-05-2007

ABN Amro chairman withdraws Shell board offer
The chairman of takeover target ABN Amro has withdrawn his nomination to become non-executive director at Royal Dutch Shell.

Rijkman Groenink, who has been chairman of the Dutch bank's managing board for seven years, said he did not want to divide his focus between the oil giant and ABN Amro.

"The reason for his decision is that he wants to fully dedicate his attention to ABN Amro, given the current corporate activities around the company," said a Shell statement.

Shell shareholders had been due to vote on Mr Groenink's nomination at the group's annual general meeting tomorrow, but the group added that it "understands the chairman's position".

ABN Amro is currently caught in a takeover tussle between Barclays and a consortium led by the Royal Bank of Scotland and featuring Fortis and Banco Santander.

The process has been stalled after a court in the Netherlands ruled that ABN Amro could not sell LaSalle Bank without first gaining shareholder approval.

Bank of America has already had an offer accepted for the US subsidiary.


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