A Dutch court on Thursday ruled that ABN Amro cannot sell its United States unit LaSalle bank without putting the decision to a vote by shareholders in a blow for ABN Amro’s plans for a friendly takeover by Barclays.
The judges’ decision to freeze the sale boosts a proposed rival bid for ABN Amro by a three-bank consortium led by Royal Bank of Scotland.
ABN management has agreed to a €67-billion deal with Barclays that includes a provision to sell US unit LaSalle Bank to Bank of America before the completion of the takeover.
The consortium has said it would offer €72-billion but wants LaSalle to remain in the ABN Amro group.
The Dutch court case was brought by the Dutch VEB association of shareholders, which insisted that shareholders should be allowed to vote on the sale.
Many shareholders prefer the offer of the consortium, which is not only higher but also partly in cash, whereas the Barclay’s offer is a share swap. — AFP