On Sept. 8, 2006, Standard&Poor's Ratings Services affirmed its 'A' long- and 'A-1' short-term counterparty credit ratings on Netherlands-based F. van Lanschot Bankiers N.V. (Van Lanschot). The outlook is stable. This rating action follows yesterday's announcement by Van Lanschot of an agreed bid to acquire Kempen&Co., a Dutch merchant bank specializing in asset management, brokerage, and corporate finance. The consideration is €300 million--€120 million in cash and the balance in shares. Kempen's Management and Supervisory Boards support the bid, and will recommend it to shareholders. Subject to regulatory approval, the transaction is expected to complete in January 2007. The affirmation of the ratings reflects Standard&Poor's view that the acquisition is strategically a good fit
