The Dutch Government today announced that it would initiate the sales process for ABN AMRO. The transaction is poised to be one of the largest equity offerings in Europe. Capitium was asked to evaluate the offering structure with the aim of minimising costs while maximising proceeds. Various alternative offering mechanisms and fee structures were evaluated, a.o. distributing the shares directly to taxpayers, alternative auction mechanisms such as the one used for the Google IPO and an offering without a bank syndicate executed by the Agent of the Ministry of Finance.