The Boards of Barclays and ABN AMRO have finally agreed to a merger in a deal worth £45bn. This merger will create one of the world's largest banks, with a total value of £94bn but 12,800 jobs would be cut as a result of the merger, while a further 10,800 jobs would be moved to low-cost locations.
But it's not over until the fat lady sings. A consortium headed by the Royal Bank of Scotland is ready to open discussions with ABN AMRO for a better offer.
The war has just started.
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