Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

RBS Attempts Takeover

AMSTERDAM -- A group of banks led by RBS bid 71.1 billion euros ($96.4 billion) for the Netherlands' ABN Amro over the weekend in a mammoth hostile takeover attempt that includes a $24.5 billion side offer for ABN's LaSalle arm in the United States, the Dutch bank said Monday.

That tops a $21 billion bid for LaSalle by Bank of America and a friendly all-share bid for ABN by Barclays worth around 64.2 billion euros at Barclays' share price Friday.

But ABN said there were serious legal doubts about whether the RBS offers were valid, and the battle over ABN and LaSalle will probably be fought out at least partially in court.

Either bid for ABN Amro, if successful, would be the largest in the history of the financial industry.

ABN Amro said it would not endorse RBS's bid of 38.40 euros per ABN Amro share -- despite its being worth at least 10 percent more than the offer from Barclays -- because it was "subject to numerous further conditions."

"Fundamental aspects of the [RBS] offer for ABN Amro, including ... financing, required regulatory notifications, tax clearances ... required shareholder approvals and the pro-forma financial impact upon each of the consortium members, remained unclear despite repeated requests for clarification," the Dutch bank said in a statement.

ABN said it was planning a general meeting of shareholders to discuss the two bids, and had yet to set a date.