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RBS to press ahead with the deal it says
http://business.scotsman.com/index.cfm?id=1004162007
THE consortium led by Royal Bank of Scotland is believed to be considering a revised bid for ABN Amro which does not involve its US arm – if the group’s original bid collapses following a court ruling in Holland next month.
Sources close to the firm say the bank should not be ruled out of the bidding battle for ABN, and a lower bid for the bank without US arm LaSalle may be on the cards.
The talk comes after Dutch Advocate General Vino Timmerman advised the Dutch Supreme Court yesterday to sanction ABN's disputed £10.5 billion sale of LaSalle to Bank of America without allowing ABN shareholders a vote on the matter. If the court takes his advice, RBS's £48bn consortium bid, will collapse, with Barclays, which has an agreed £45bn takeover bid for ABN, holding the initiative.
We'll need to see what happens in the next day, the interesting thing is that RBS seem to be prepared to proceed if the original deal is not successful, very cool. Check it out.
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