RBS bidding for ABN Amro
Published May 29th, 2007
A group led by Royal Bank of Scotland has outlined a proposed offer for ABN Amro which values the Dutch bank at 71.1bn euros ($95.6bn; £48.2bn).
It is a rival to the all-share agreed offer from Barclays Bank, which is currently valued at 63bn euros.
The interest from the consortium, which includes Belgium’s Fortis and Banco Santander of Spain, has so far been rebuffed by ABN Amro’s management.
The offer depends on ABN shareholders rejecting the sale of US unit LaSalle.
ABN plans to sell LaSalle to Bank of America, but a Dutch court has ruled that it should not do so without consulting its shareholders.
Shareholders’ groups said that the sale of LaSalle was designed to prevent RBS making a higher offer for the whole of LaSalle and so was not in their interests.
The 38.40-euros-per-share proposed offer from the RBS consortium is made up of 30.40 euros cash plus 0.844 new RBS shares for each ABN share.
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