Adding yet another twist to the ongoing battle to obtain control of Dutch banking group ABN Amro, a Royal Bank of Scotland-led consortium has put forward a proposed E72.2 billion bid, equal to E39 per share. However, this is conditional only if the Dutch bank terminates the sale of its US business, LaSalle, to Bank of America.
If successful, the proposal from the consortium, which consists of Royal Bank of Scotland (RBS), Spain’s Santander and Belgium’s Fortis, would destroy what appeared to be an agreed merger deal with Barclays, to create one of the largest banks in the world, the Financial Times reported.
According to the consortium, its offer would be 13% higher than the value of the Barclays offer. The group also revealed that approximately 70% of the consideration will be paid in cash, while the remaining 30% will be payable in RBS shares.
The three banks have accepted an invitation from ABN Amro to attend a meeting to further discuss the potential transaction.