ABN break fee beat costs for Barclays

BARCLAYS spent about £100 million on its failed attempt to buy ABN Amro last year, but the costs were easily covered by the "break fee" it received.

The battle for the Dutch bank, the biggest banking takeover in history, raged from March until a consortium led by Royal Bank of Scotland sealed the multi-billion-pound deal in October.

Details of costs for the dozens of bankers, advisers, lawyers, printers and others involved have been scarce.

Barclays had agreed to a merger with ABN and was paid a 200m (£157m) break fee when its partner pulled out.

Barclays' annual report said its 2007 expenses were cut by £58m as a result of the break fee net of transaction costs, indicating costs came in at just under £100m.