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RBS outlines offer for ABN Amro | RBS outlines offer for ABN Amro |
(about 5 hours later) | |
A group led by Royal Bank of Scotland has outlined a proposed offer for ABN Amro which values the Dutch bank at 71.1bn euros ($95.6bn; £48.2bn). | A group led by Royal Bank of Scotland has outlined a proposed offer for ABN Amro which values the Dutch bank at 71.1bn euros ($95.6bn; £48.2bn). |
It is a rival to the all-share agreed offer from Barclays Bank, which is currently valued at 63bn euros. | It is a rival to the all-share agreed offer from Barclays Bank, which is currently valued at 63bn euros. |
The interest from the consortium, which includes Belgium's Fortis and Banco Santander of Spain, has so far been rebuffed by ABN Amro's management. | The interest from the consortium, which includes Belgium's Fortis and Banco Santander of Spain, has so far been rebuffed by ABN Amro's management. |
The offer depends on ABN shareholders rejecting the sale of US unit LaSalle. | The offer depends on ABN shareholders rejecting the sale of US unit LaSalle. |
BARCLAYS' OFFER Barclays announced it was in exclusive talks with ABN on 20 MarchBarclays agreed to merge with ABN in an all-share deal worth 63bn euros on 23 AprilUnder the terms of the deal Barclays would move its headquarters to Amsterdam | BARCLAYS' OFFER Barclays announced it was in exclusive talks with ABN on 20 MarchBarclays agreed to merge with ABN in an all-share deal worth 63bn euros on 23 AprilUnder the terms of the deal Barclays would move its headquarters to Amsterdam |
ABN plans to sell LaSalle to Bank of America, but a Dutch court has ruled that it should not do so without consulting its shareholders. | ABN plans to sell LaSalle to Bank of America, but a Dutch court has ruled that it should not do so without consulting its shareholders. |
Level playing field | Level playing field |
Shareholders' groups said that the sale of LaSalle was designed to prevent RBS making a higher offer for the whole of LaSalle and so was not in their interests. | Shareholders' groups said that the sale of LaSalle was designed to prevent RBS making a higher offer for the whole of LaSalle and so was not in their interests. |
The 38.40-euros-per-share proposed offer from the RBS consortium is made up of 30.40 euros cash plus 0.844 new RBS shares for each ABN share. | The 38.40-euros-per-share proposed offer from the RBS consortium is made up of 30.40 euros cash plus 0.844 new RBS shares for each ABN share. |
The statement from the consortium also said that its offer would lead to fewer employees losing their jobs than under Barclays' proposals. | The statement from the consortium also said that its offer would lead to fewer employees losing their jobs than under Barclays' proposals. |
RBS-LED CONSORTIUM'S OFFER The consortium is made up of RBS, Fortis and Banco SantanderThe group wrote to ABN on 13 April seeking exploratory talksThe banks also made a $24.5bn offer for ABN's LaSalle unitOn 29 May the consortium outlined a proposed bid which valued ABN at 71.1bn euros | RBS-LED CONSORTIUM'S OFFER The consortium is made up of RBS, Fortis and Banco SantanderThe group wrote to ABN on 13 April seeking exploratory talksThe banks also made a $24.5bn offer for ABN's LaSalle unitOn 29 May the consortium outlined a proposed bid which valued ABN at 71.1bn euros |
The consortium said that while it would prefer to agree a deal with ABN's management, it would be prepared to make the offer directly to shareholders if necessary. | The consortium said that while it would prefer to agree a deal with ABN's management, it would be prepared to make the offer directly to shareholders if necessary. |
RBS chief executive Fred Goodwin said he expected the offer to be put alongside Barclays' offer in any shareholder vote. | RBS chief executive Fred Goodwin said he expected the offer to be put alongside Barclays' offer in any shareholder vote. |
"All of the bids should go before shareholders, and they should allow shareholders to decide in an environment of having as level a playing field as can be," he said. | "All of the bids should go before shareholders, and they should allow shareholders to decide in an environment of having as level a playing field as can be," he said. |
RBS shares closed down 0.8% in London trading. Barclays shares were 1.9% higher. | |
In a letter to staff, Barclays chief executive John Varley said, "There is nothing surprising in today's development and once I have had the opportunity to look at it carefully I'll write to you again." | In a letter to staff, Barclays chief executive John Varley said, "There is nothing surprising in today's development and once I have had the opportunity to look at it carefully I'll write to you again." |