AMSTERDAM-The biggest financial industry takeover in history just got bigger. Two days after Barclays PLC agreed to buy locally based ABN Amro Holding NV for just over $91 billion USD, another offer has been put on the table.

It ups the ante to $98.5 billion USD, a 13% increase over Barclays’ bid. The offer is from a consortium led by London-based Royal Bank of Scotland PLC, Barclay’s chief rival, and also includes Belgium-based Fortis NV and Spain’s Banco Santander Central Hispano SA.

It comes with conditions. The chief one is that Chicago-based LaSalle Bank remain within ABN Amro. The Barclays’ buyout proposal calls for the sale of LaSalle to Bank of America for $21 million. On news of the consortium’s counter offer, Charlotte, NC-based BofA issued a statement saying, “Bank of America has a legal contract to acquire ABN Amro North America Holding Company and expects that contract to be fulfilled under its current terms.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.