Pensioenfonds ABP and PGGM, Amsterdam, Netherlands, won their bid to...

Pensioenfonds ABP and PGGM, Amsterdam, Netherlands, won their bid to acquire De Nationale Investeringsbank after raising their joint bid twice. The Dutch funds raised their initial bid of 66 guilders ($31.94) to 70 guilders, and then again to 72.50 guilders, as key minority shareholders held out for a higher offer. Holdouts ING Groep, with 20% of NIB’s stock; Fortis, with a 5% stake; and ASR, with 7%, agreed to tender their shares. In total, ABP and PGGM garnered control of 99.6% of NIB’s shares. The initial bid had secured only 65.8% of the investment bank’s stock, below the target level of 75%. Announcements on integrating ABP and PGGM private equity and structured finance staff into NIB are expected in coming weeks.