Funds team up to bid for NIB

Funds team up to bid for NIB

ABP, Europe's largest pension fund, on Thursday teamed up with Dutch fund PGGM to launch a 2bn guilder (pounds 660m) takeover bid for NIB, a niche investment bank part-owned by the Dutch government.

The two funds already own 4 per cent of NIB and said they want to buy the state's 35 per cent stake. A spokesman for the finance ministry said the authorities were willing to sell their holdings. NIB has around 25bn guilders of funds under management.