Santander/Capitalia Spanish steps

If an inveterate dealmaker enters a consolidating sector, major transactions normally follow. ABN Amro’s Italian business could finally provide Emilio Botin with his long-desired entree into Italy’s fragmented banking market. But would mid-sized Antonveneta be enough for the chairman of Spain’s Santander if his bid for ABN alongside Royal Bank of Scotland and Fortis succeeds? The key question is what would happen to ABN’s almost 9% stake in Capitalia. One idea, now shot down, is that Botin coul...