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. Last Updated: 07/27/2016

GE Makes Bid for Santander Assets

MADRID -- General Electric has offered 4 billion euros ($5.6 billion) to buy the property assets that Spanish bank Santander is selling to fund its bid for parts of Dutch bank ABN Amro, newspapers reported Friday.

A source familiar with the process said bidders had until Friday to make binding offers for some or all of the property and that a deal should be completed within a month.

Spain's largest bank put almost all of its Spanish property assets on the block in June and set a price of about 4 billion euros on the sale and leaseback deal.

At that time, a bank official said it would make capital gains of 1.4 billion euros and would push ahead with the sale, even if the ABN deal fell through.

Santander, Royal Bank of Scotland and Fortis have made a mostly cash bid for ABN that is currently worth about 70 billion euros, well above a rival bid from Barclays valued at around 59 billion euros.