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SUNDAY, NOVEMBER 22, 2009
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RBS Consortium Renews Bid for ABN Amro

$96B offer dwarfs Barclays proposal, but legal woes persist

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(Newser) – Refusing to take no for an answer, a coalition led by Royal Bank of Scotland today submitted a renewed $95.6 billion bid for ABN Amro. The offer overshadows a competing $86 billion offer from Barclays, but legal wrangling over the sale of LaSalle Bank continues to bog down the RBS group's proposal, the Wall Street Journal reports.

The new offer by RBS, Fortis, and Santander Central Hispano is 79% cash, up from 70%  in last month's bid. Bank of America agreed to buy LaSalle, ABN's main US unit, when ABN made a deal with Barclays last month. Both Dutch and American courts are now involved, and RBS's CEO said today that talks with BofA are not ongoing.

Chairman of ABN Amro, Rijkman Groenink. (AP Photo/Fred Ernst)
Chairman of ABN Amro, Rijkman Groenink. (AP Photo/Fred Ernst)   (Associated Press)
(FILES) This combo image made with file
(FILES) This combo image made with file   (Getty Images)
Banking Titans Vie For Chicago's LaSalle Bank
Banking Titans Vie For Chicago's LaSalle Bank   (Getty Images)
ABN AMRO LaSalle
ABN AMRO LaSalle   (Getty Images)
A man walks past the LaSalle Bank Building in the downtown business district in Chicago, Monday, April 23, 2007. Bank of America Corp. said Monday it will purchase LaSalle Bank Corp. from ABN Amro North America Holding Co. for $21 billion, filling a big hole in its nationwide branch network...
A man walks past the LaSalle Bank Building in the downtown business district in Chicago, Monday, April 23, 2007. Bank of America Corp. said Monday it will purchase LaSalle Bank Corp. from ABN Amro North...   (Associated Press)
The headquarters of the Dutch bank ABN Amro in Amsterdam are seen on this March 31, 2005 file photo. ABN Amro NV and Barclays PLC announced Monday, April 23, 2007, they have agreed to merge in the largest cross-border combination in European banking history. (AP Photo/ Peter Dejong)
The headquarters of the Dutch bank ABN Amro in Amsterdam are seen on this March 31, 2005 file photo. ABN Amro NV and Barclays PLC announced Monday, April 23, 2007, they have agreed to merge in the...   (Associated Press)
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