ABN Amro bid revised
by Kay Murchie
The consortium led by RBS (RBS) has revised its £48 billion offer for the Dutch bank, ABN Amro. RBS and its bid partners, Fortis of Belgium and Santander of Spain, have raised the cash element of their £48 billion offer from 79% to 93%, in a renewed effort to stop Barclay’s agreed takeover of ABN.
The news comes only a few days after the Dutch Supreme Court ruled that the £10.5 billion sale of ABN’s US banking division LaSalle, to Bank of America, could proceed. RBS has been eager to have power of LaSalle as part of the acquisition, while Barclays has been in agreement with its disposal.
Experts think that ABN’s board will withdraw its support for Barclays, which has made an all-share bid, valuing ABN at £43 billion. Many believe that whoever wins the battle could be overpaying for ABN.
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