ABN Amro banned from selling LaSalle

The Amsterdam company court has banned ABN Amro from selling its US unit LaSalle to Bank of America. The court ruled that the sale marked a change of strategy for the bank and should be put to shareholders for approval.

The decision is a major blow for ABN Amro, which wanted to sell LaSalle for $21bn and then merge with Barclays. Not only does it open the door to a hostile bid from a consortium of banks led by Royal Bank of Scotland, but it could lead to damages claims from Bank of America.
The consortium wants to take over the entire ABN Amro group and divide it up.
More to follow

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