ABN Amro rejects consortium bid for LaSalle

ABN Amro said on Monday it has rejected a $24.5bn offer for US bank LaSalle from a consortium led by Royal Bank of Scotland (RBS).

The offer is conditional on the consortium being given the green light to take over the entire ABN Amro group – a demand which ABN Amro said it has repeatedly asked the consortium not to make.
ABN Amro said that the consortium’s bid for LaSalle was not ‘superior’ to the $21bn offered by Bank of America. ABN Amro is to hold an extraordinary shareholders meeting to put ‘all the alternatives’ to investors.
RBS and its partners Fortis and Santander have brought out a preliminary offer of €38.40 a share for ABN Amro – equivalent to over €71.2bn for the entire group.
Two weeks ago, ABN Amro announced it was to merge with the British bank Barclays in a deal worth €67bn and sell LaSalle to Bank of America.
Last week, the company court ruled that LaSalle could not be sold without shareholder approval.

Thank you for donating to DutchNews.nl.

We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.

Make a donation