AMSTERDAM - The Dutch bank ABN Amro said Tuesday that the Bank of Italy had given it the green light to raise its stake in Italian bank Banca Antonveneta to 20 percent.
Previously the central bank had set a limit of 15 percent for ABN Amro's stake in Antonveneta.
The Antonveneta board of directors approved Friday a takeover offer from ABN Amro of 25 euros (32.54 dollars) per share.
ABN Amro spokesman Jochem van de Laarschot confirmed earlier media reports Tuesday that the Italian central bank had raised the stake limit and said the company had already increased its holding in Antonveneta to 13.4 percent, from 12.7 percent.
ABN Amro is ready to launch its full takeover bid for Antonveneta but is still awaiting approval from the Bank of Italy.
Meanwhile, the Italian stock market regulator Consob said Tuesday that the Italian bank Banca Popolare di Lodi now holds a 23.282 percent stake in Antonveneta, effective late Monday, compared with 16.143 percent late Friday.
A BPL spokesman declined to comment on a report in Italian newspaper Il Sole 24 Ore that the bank has a problem meeting required capital ratios after the Antonveneta share purchases and needs fresh funds.
"We have nothing to say on the ratios. This is Il Sole's calculation," said the spokesman.
The spokesman confirmed that BPL's 23.282 percent holding includes the 5.01 percent stake it purchased from the Benetton family's Edizione Holding on Monday.
BPL said last Wednesday that it sought to raise its holding in Antonveneta to 29.9 percent, just below the threshold requiring a formal takeover bid.
BPL has opposed a takeover offer for Antonveneta by ABN Amro for several months, but has not said whether its stake-building was aimed at blocking the bid or encouraging a higher offer.
04/19/2005 13:14 GMT