BNP Paribas: BofA sees ABN Amro takeover unlikely

(CercleFinance.com) - On Monday Bank of America maintained its buy recommendation on BNP Paribas shares, with a target price of 82 euros, following reports in the press that the group might be interested in the Dutch bank ABN Amro.


While it considers ABN to be a "credible" target in the event of a possible takeover by a leading pan-European group, the broker believes that such a deal is unlikely given BNP Paribas' independence strategy, which is geared towards both growth in its finance and investment bank (CIB) and targeted acquisitions.

In its comments, BofA nevertheless acknowledges that ABN Amro could be a serious candidate because of its low-risk profile, its progress in cost reduction, the quality of its information systems and its attractive capital levels.



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