RBS Consortium Renews Bid for ABN Amro

$96B offer dwarfs Barclays proposal, but legal woes persist
By Sam Gale Rosen,  Newser Staff
Posted May 29, 2007 9:02 AM CDT
RBS Consortium Renews Bid for ABN Amro
Chairman of ABN Amro, Rijkman Groenink. (AP Photo/Fred Ernst)   (Associated Press)

(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. (Read more Royal Bank of Scotland stories.)

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