RBS bank offer snubbed by ABN
Published May 7th, 2007
ABN Amro has snubbed a $24.5bn (£12bn) bid for its US business from a group led by the Royal Bank of Scotland.
Although the final decision on whether to accept the LaSalle bid rests with ABN shareholders, the bank said it was inferior to one from Bank of America.
This marks the latest twist in an increasingly bitter takeover battle for ABN between the RBS group and Barclays.
A Dutch court blocked ABN’s plan to sell LaSalle to Bank of America for $21bn, opening the door to RBS.
The sell-off of LaSalle is a key factor in ABN’s planned $90bn merger with Barclays.
The Royal Bank of Scotland consortium, which also includes Spain’s Santander and Belgian-Dutch bank Fortis, wants to retain LaSalle as part of its planned $98bn bid for ABN.
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