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World's Biggest Bank Deal Ends in Breakup

Posted Oct 5, 07 8:15 AM CDT in Business 

(Newser) – After months of counteroffers, court cases and credit crises, the battle to buy Dutch banking giant ABN Amro concludes today, with a break-up of the bank. The Wall Street Journal reports that a three-bank consortium led by the Royal Bank of Scotland will almost certainly win ABN Amro shareholders' approval of the $101 billion takeover. RBS fought Barclays to the end for the prize, but some observers are wondering whether it will regret the purchase.

The squabble over the aquisition of ABN Amro, the biggest banking deal in history, began this spring, at the height of the mergers-and-acquisitions frenzy. ABN Amro will be split into three parts; when the dust settles RBS will have acquired the section of the bank hardest hit by the August credit crunch. The actual breakup should begin in April, 2008.

Source Wall Street Journal

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Chairman of ABN Amro, Arthur Martinez, front row left, speaks during a shareholders meeting in Rotterdam, the Netherlands, Thursday, Sept. 20, 2007. ABN Amro Chief Executive Rijkman Groenink, front row...   (Associated Press)
Flags fly outside the ABN Amro head office in Amsterdam, Netherlands, in this Tuesday May 29, 2007 file photo. A consortium of banks led by Royal Bank of Scotland PLC has emerged as the favorite to...   (Associated Press)
ABN Amro Attorney R. Hein Hooghoudt, left, and ABN Amro attorney P.J.M. von Schmidt auf Altenstadt, right, react after the ruling of the High Court in The Hague, Netherlands, Friday July 13, 2007. ABN...   (Associated Press)
A Royal Bank of Scotland logo is seen outside the company's offices in central London, Tuesday May 29, 2007. A consortium led by Royal Bank of Scotland PLC said Tuesday it will launch a hostile bid of...   (Associated Press)
Flags fly outside the ABN Amro head office in Amsterdam, Netherlands, Tuesday May 29, 2007. A consortium of banks led by Royal Bank of Scotland PLC said it will bid euro71.1 billion (US$95.5 billion)...   (Associated Press)
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