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Barclays' Break Fee Covers ABN Fight Costs

Barclays has covered the costs of its failed bid for Dutch rival ABN Amro after receiving its €200 million ($282 million) break fee. Chris Lucas, group finance director of Barclays, said the payment offset the fees it paid to its advisors in connection with the offer for ABN Amro, which it withdrew last month after the Dutch bank’s shareholders voted for a rival offer from the Royal Bank of Scotland, Fortis of Belgium and Santander of Spain. Group chief executive John Varley said yesterday in a trading update that the bank had booked a “small credit” on receipt of the break fee.