BARCLAYS chairman Andrew Buxton yesterday refused
comment on newspaper rumour or ''false speculation'' about any deal with the Royal Bank of Scotland, writes Andrew Wilson.
Asked by a shareholder at the annual meeting if he had considered whether or not the bank would do better if it became
Barclays Royal Bank of Scotland, he said he was ''not mesmerised by such thoughts''.
In recent days, the likelihood of a merger appears to have declined as analysts point out that the Royal is valued at six times net asset value, while Barclays is standing at three-and-a-half. Buxton, who was succeeded by deputy chairman and acting chief executive Sir Peter Middleton yesterday, gave a relatively restrained
comment on current trading,
saying only that it had made a good start to the new year.
He added the search is on for a new chief executive following the resignation at the beginning of last week of Michael O'Neill, the replacement for Martin Taylor, on health grounds.
Taylor's departure following #265m of losses on investment in Russia, his compensation, feelings by some shareholders that another American should not be recruited and former employees' pensions dominated the meeting.
But it was a carefully stage-managed affair, with shareholders required to put their questions in advance while all resolutions were by proxy card rather than a show of hands.
So Buxton, with around 630 million proxy votes in his pocket against opposition of two million against the re-election of most directors, was in an all-powerful position.
On the stock market yesterday, Barclays shares closed 54p better at 1933p.
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