Consortium gets ABN bid extension
The consortium of three banks which wants to take over ABN Amro has been given an extension to the period by which it must make a formal offer.
The financial sector watchdog has given the consortium, made up of Royal Bank of Scotland, Fortis and Santander, until July 23 to make their offer official. Earlier this week, rival bidder Barclays was given the same deadline.
An important sticking point in the takeover battle – the fate of ABN Amro’s LaSalle operation – will become clearer after an appeal court ruling in mid-July.
The court must decide whether to uphold a a lower court ruling which said ABN Amro could not sell LaSalle without shareholder approval. Last month the attorney general recommended that this ruling should be overturned. His advice is usually, but not always, accepted by the appeal court.
Barclays has said it will offer €62.8bn for ABN Amro without LaSalle. The consortium is prepared to bid €71.2bn if LaSalle is included. ABN Amro has already agreed to sell LaSalle to Bank of America for $21bn.
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