LONDON, Sept 14: Shareholders in British bank Barclays on Friday backed a bid to acquire ABN Amro of The Netherlands after Barclays management assured them the deal would not be done at any price.

A Barclays statement issued after a shareholders’ general assembly said the proposal had been approved by 90 per cent of votes cast.

An offer for ABN Amro by Barclays is now valued at 62 billion euros ($86bn) but the Dutch giant is also being courted by a three-bank consortium headed by Royal Bank of Scotland, which has bid 71 billion euros.

Either transaction would amount to the largest merger in banking history.

Speaking after the vote on Friday Barclays chief executive John Varley sought to reassure shareholders that their interests would be protected in any deal with ABN.

“We’ve always been very clear that the merger terms must satisfy our economic tests, which are tough,” Varley said.—AFP