Investors in Barclays have been unnerved by its management’s decision to enter merger talks with ABN Amro. True, at first glance it seems reasonable to make a play for the Dutch bank: the valuation of its broad international franchise in prime growth and developed markets has been beaten down by prolonged share price underperformance while it struggled and failed to build a credible top-tier investment bank. The Dutch bank has been tipped into play recently by shareholder activist TCI but has been a clear consolidation target for years.
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