ABN Amro Holding NV, the Netherlands' biggest bank, has offered $1.254 billionfor NV Bouwfonds Nederlandse Gemeenten, which would raise its share of the Dutch home mortgage market to 25%.

ABN Amro plans to pay for the Netherlands' fifth-largest mortgage lender, which is owned by 479 Dutch municipalities, over five years. The banking company initially would get almost half Bouwfonds' voting rights, gaining full control at the end of 2004.

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