ABN says Barclays bid is too low Sep 21, 2007
RBS is bidding with Fortis and Banco Santander Central Hispano. No endorsement. (BBC News -- Business)
ABN Amro Boards Won't Side With Bidders Sep 17, 2007
Among the consortium, Fortis NV of Belgium wants ABN's Dutch operations, Banco Santander Central Hispano SA wants its Brazilian and Italian arms, and RBS wants the rest, including ABN's investment banking arm. Barclays' proposed merger would largely leave ABN intact except for its U.S. arm, LaSalle Bank, which Groenink agreed to sell to Bank of America Corp. for $21 billion in what was widely seen as a poison pill measure to frustrate the RBS-led group. (ABC News -- Wire)
ABN AMRO board backs a takeover, but doesn't take sides Sep 17, 2007
1 billion from Royal Bank of Scotland and its partners, Fortis of Belgium and Banco Santander Central Hispano, the largest Spanish lender. The consortium's offer is 93 percent in cash and calls for ABN AMRO to be split among the three bidders. (International Herald Tribune)
Battle for ABN Amro still up in the air Sep 17, 2007
5 less per share than an offer by a consortium led by the Royal Bank of Scotland which includes the Fortis Group of Belgium and Banco Santander Central Hispano of Spain. Their offer is worth about 70 billion. (Sydney Morning Herald -- Business)
ABN Amro board: no official preference on rival takeover bids Sep 16, 2007
Among the consortium, Fortis NV of Belgium wants ABN's Dutch operations, Banco Santander Central Hispano SA wants its Brazilian and Italian arms, and RBS wants the rest, including ABN's investment banking arm. ABN said the amount of money the consortium still needs to raise "is high in absolute and relative terms and market circumstances are volatile at this point in time.". (International Herald Tribune -- Sports)
Barclays shareholders approve an ABN Amro bid Sep 15, 2007
Fortis NV of Belgium wants ABN's Dutch operations, Banco Santander Central Hispano SA wants its Brazilian and Italian arms, and RBS wants the rest, including ABN's investment banking arm. European competition authorities have signalled they have no objection to a takeover by Barclays, but won't rule on the consortium's bid until Oct. 3. (Globe and Mail -- Business)
Barclays shares fall as shareholders approve uncertain ABN Amro buy Sep 15, 2007
Fortis NV of Belgium wants ABN's Dutch operations, Banco Santander Central Hispano SA wants its Brazilian and Italian arms, and RBS wants the rest, including ABN's investment banking arm. The fact that 90 percent of the consortium deal is in cash has become a major issue, said Axel Pierrod, an analyst for Celent. (San Diego Union-Tribune -- Business)
Europe Rocked By Northern Rock Sep 15, 2007
Fortunately other mortgage lenders like Banco Santander Central Hispano's (nyse: - - ) Abbey National, HBOS (other-otc: - - ) and Barclays (nyse: - - ) subsidiary Woolwich, tend to raise more of their funds through the deposits made by their retail customers. Credit Suisse said it believed Bradford ey could fund itself until at least December and that Alliance ster and HBOS would also be able to fund themselves until at least the second half of 2008. (Forbes)
Santander targets 15 pct EPS CAGR in 2008-2009 Sep 13, 2007
MADRID (Thomson Financial) - Banco Santander Central Hispano SA said it is targeting 15 pct EPS CAGR in 2008-2009 amid double-digit revenue growth as rising risk premiums have a limited impact on earnings. In a presentation for its Investor Day, Santander said it is 'actively' managing the current credit market situation, adding that it 'welcomes' the normalisation of credit risk pricing, which it describes as 'part of the cycle. (Forbes -- Markets)
Colombian Peso Falls Near 4-Month Low on U.S. Fed Rate Cut Anticipation Aug 22, 2007
Last week we saw investors seeking liquidity and this week, with expectations of a Fed rate cut, they are moving into Treasuries,'' said David Rey, head of local market trading in Bogota at Banco Santander Central Hispano SA's unit. The Colombian peso fell 2 percent to 2,150. (Bloomberg)
EU sets deadline for ABN Amro bids Aug 17, 2007
RBS, Spain's Banco Santander Central Hispano and Dutch-Belgian bank Fortis plan to carve up ABN Amro's assets between them and are offering 70. 6 billion (R696 billion) to rival a bid from British bank Barclays of 61 billion (R889 billion). (Business Report, South Africa)
Bidding group raises stake in ABN AMRO Aug 15, 2007
Royal Bank is leading the takeover group that includes Fortis, the biggest financial services company in Belgium, and Banco Santander Central Hispano, the biggest Spanish bank. Drea Berghorst, a spokeswoman for the Dutch securities regulator Autoriteit Financi. (International Herald Tribune -- Business)
Royal Bank of Scotland says it won't lower ABN Amro offer, despite higher dividend Aug 15, 2007
The offer from the RBS consortium, which also comprises Dutch-Belgian bank Fortis NV and Spain's Banco Santander Central Hispano SA, is up against a competing bid from British bank Barclays PLC worth around 61 billion (US$82. 3 billion; 60. (International Herald Tribune -- Sports)
Fortis investors approve ABN takeover Aug 7, 2007
More than 90 percent of shareholders at Fortis's two meetings - at its dual headquarters of Brussels and Utrecht, Netherlands - backed the Belgian-Dutch financial services company's part of the bid in a consortium with Royal Bank of Scotland and Banco Santander Central Hispano. Royal Bank of Scotland's shareholders are to vote on Friday; but with Fortis and Santander having won shareholder backing for the transaction, they are expected to do the same, some analysts said. (International Herald Tribune)
ABN AMRO chief back in court Aug 3, 2007
However, the Royal Bank of Scotland and its partners Fortis of Belgium and Banco Santander Central Hispano of Spain plan to dice up the company into constituent parts, while Barclays says it wants to keep it mostly intact. 1. (International Herald Tribune -- Business)
Airline Chaos in Brazil Forces Some Travelers on 267-Mile Bus, Taxi Rides Aug 1, 2007
2 percent, Caio Pereira Dias, an airline analyst at Banco Santander Central Hispano SA in Sao Paulo, wrote in a July 26 report. Lula pledged in January to spend 3 billion reais by the end of 2010 to expand airports. (Bloomberg -- Latin America)
ABN Amro Turns Neutral on Rival Offers Jul 31, 2007
AE), ABN AMRO Holding N.V. (ABN), Bank of America Corp. (BAC), (FORB.BT), (FORSY), (RBS.LN), (SAN.MC), Banco Santander Central Hispano S.A. (STD), (BE000380), (ES011390), (GB000754), (NL000030), (US000937), (US05964H), (US060505), (US34956J), ). (SmartMoney)
ABN AMRO is said to drop recommendation for Barclays bid Jul 30, 2007
A rival bid by Royal Bank of Scotland, Fortis Group of Belgium and Banco Santander Central Hispano is worth 38. 40 per ABN AMRO share. (International Herald Tribune -- Business)
ABN Amro board withdraws support for Barclays bid but doesn't endorse RBS Jul 30, 2007
Under the RBS bid, Fortis NV of Belgium would take ABN's Dutch operations, Banco Santander Central Hispano SA wants its Brazilian and Italian arms, and RBS wants the rest, including ABN's investment banking arm. The battle for ABN has been stretching on for months now. (International Herald Tribune)
The Spain Fund Releases Monthly Portfolio Update Jul 27, 2007
89% Spain 4) Banco Santander Central Hisp 7. 02% Spain 5) Repsol Sa 6. (PR Newswire)
ING buys Santander's Latin American pension operations for 960 million Jul 27, 2007
AMSTERDAM, Netherlands: ING Groep NV said Friday it has agreed to buy the Latin American pension operations of Spain's Banco Santander Central Hispano SA for 960 million (US$1. 3 billion) in a deal that would nearly triple its presence in the high-growth market. (International Herald Tribune -- Sports)
Barclays raises bid for ABN Amro Jul 24, 2007
Fortis NV of Belgium wants ABNs Dutch operations, Banco Santander Central Hispano SA wants its Brazilian and Italian arms, and RBS wants the rest, including ABNs investment banking arm. The Barclays offer is better in terms of its content, but its not good enough in terms of amount, Groenink said. (MSNBC -- International)
ABN Amro CEO: prefers Barclays bid, but concedes RBS is poised to win Jul 21, 2007
Analysts say that, based on offer price alone, Barclays cannot hope to win a battle with RBS and its partners, Fortis NV of Belgium and Banco Santander Central Hispano SA.. However, ABN shares closed down 1. (International Herald Tribune -- Business)
Barclays considers sweetening its $91 billion offer for ABN AMRO Jul 20, 2007
ABN AMRO said Wednesday it will meet with both bidders to discuss the revised offer by Royal Bank of Scotland and its two partners, Fortis Group of Belgium and Banco Santander Central Hispano of Spain. The rival bidders have until Aug. 6 to hand in formal offer documentation after the Dutch regulator on Thursday extended a previous deadline by two weeks. (International Herald Tribune -- Business)
Bank notes - First Rand sets tone for reporting season Jul 15, 2007
Elsewhere, the thrust of Spain;s 150- year-old Banco Santander Central Hispano into the colourful world of Formula 1 motor sport, as partner of the Vodafone McLaren Mercedes team, catches the eye for three reasons. First, it is extracting enormous value from plastering its name all over the place in a sports-crazy country, especially as it is backing the winning team ; with national hero Fernando Alonso running just behind team-mate Lewis Hamilton. (Sunday Times)
Dutch Court Lets ABN Amro Sell LaSalle Jul 14, 2007
AE), ABN AMRO Holding N.V. (ABN), Bank of America Corp. (BAC), (BARC.LN), Barclays PLC (BCS), (FORB.BT), (FORSY), (RBS.LN), (SAN.MC), Banco Santander Central Hispano S.A. (STD), (BE000380), (ES011390), (GB000754), (GB003134), (NL000030), (US060505), ). (SmartMoney)
ABN Amro sells U.S. arm to BofA, braces for own takeover fight Jul 14, 2007
RBS and its partners Fortis NV of Belgium and Banco Santander Central Hispano SA of Spain said they would study the ruling before responding. Peter Paul de Vries, director of the Dutch shareholder rights organization VEB, said he was disappointed with the court's decision, which he said allowed ABN's management to hurt its own shareholders. (San Diego Union-Tribune -- Business)
Barclays wins legal victory in battle to buy ABN AMRO Jul 13, 2007
A rival group - Royal Bank of Scotland, Fortis Group of Belgium and Banco Santander Central Hispano of Spain - has offered 71 billion for ABN AMRO but had insisted that LaSalle remain part of ABN AMRO. Now that the Dutch court has decided the sale of LaSalle can go ahead, analysts broadly expect Royal Bank of Scotland and its bidding partners to make a revised bid for ABN AMRO.. That offer would probably come next week and "will be pretty difficult for Barclays to match," Alain Tchibozo, an... (International Herald Tribune -- Business)
Dutch Supreme Court to Rule on ABN Jul 13, 2007
RBS partner Fortis NV of Belgium wants ABN's Dutch operations, while Banco Santander Central Hispano SA of Spain wants its Italian and Brazilian operations. Even without LaSalle, RBS is interested in ABN Amro's investment banking operations and the rest of its global operations unclaimed by Fortis or Santander. (Sunspot.net -- Business)
A Small Bounce After All Jul 12, 2007
Fortis, Royal Bank of Scotland and Banco Santander Central Hispano are beginning a campaign to raise enough money to launch a rival bid for ABN Amro (), according to anonymous sources cited in an published Wednesday in The Wall Street Journal. The multinational banking group will have to do better than a bid of $86 billion; that is the current bid from Barclays (), which ABN has already accepted. (SmartMoney)
NYSE Euronext latest to investigate ABN Amro trading Jul 11, 2007
In addition to LaSalle, RBS wants to buy ABN Amro's investment banking business, while partners Fortis NV of Belgium wants ABN's Dutch operations; and Banco Santander Central Hispano SA of Spain wants its Italian and Brazilian arms. Both Barclays and the RBS group have postponed formal offers for ABN until after the Supreme Court ruling. (San Diego Union-Tribune -- Business)
GlobalBanc Advantaged 8 Split Corp. Announces Exercise of Over-Allotment Option Jul 6, 2007
Citigroup Inc. UBS AG Bank of America Corp. (DE) Banco Santander Central Hispano SA Royal Bank of Scotland Group plc BNP Paribas Deutsche Bank AG Societe Generale Group. The investment objectives with respect to the Preferred Shares are: (i) to provide holders with fixed cumulative preferential quarterly cash distributions that are expected to consist of non-taxable returns of capital and capital gains in the amount of $0. (CCNMatthews Press Releases)
Dutch gov't lawyer says LaSalle sale legal Jun 27, 2007
he said, arguing that RBS still wants to buy ABN Amro's investment banking business, while partners Fortis NV of Belgium wants ABN's Dutch operations; and Banco Santander Central Hispano SA of Spain wants its Italian and Brazilian arms. However, there was value in LaSalle, so it's not likely that the consortium will come up with a higher bid. (Crain's Chicago Business)
Court adviser's ruling lifts chances of Barclays's bid for ABN AMRO Jun 27, 2007
But other analysts said that it was likely the Royal Bank of Scotland consortium, which also includes Fortis Group and Banco Santander Central Hispano, would withdraw its bid for ABN should the Supreme Court pave the way for LaSalle to be sold to Bank of America. On Tuesday, the Dutch shareholder group that brought the lawsuit against ABN said that it would use all available means to prevent the sale of LaSalle, Reuters reported. (International Herald Tribune -- Money Report)
Dutch Official Says ABN Deal May Bypass Vote Jun 27, 2007
AE), ABN AMRO Holding N.V. (ABN), Bank of America Corp. (BAC), (BARC.LN), Barclays PLC (BCS), (FORB.BT), (FORSY), HSBC Holdings PLC (HBC), (HSBA.LN), (RBS.LN), (SAN.MC), Banco Santander Central Hispano S.A. (STD), (BE000380), (ES011390), (GB000540), (GB000754), (GB003134), (NL000030), (US000937), (US05964H), (US060505), (US06738E), (US404280), ). (SmartMoney)
RBS consortium will make formal bid for ABN Amro by mid-July Jun 22, 2007
Under the RBS deal, RBS would take LaSalle and ABN's investment banking operations; Fortis NV of Belgium wants ABN's Dutch and asset management operations; and Banco Santander Central Hispano SA of Spain will buy its Italian and Brazilian arms. The banks said Friday they will hold shareholder meetings by mid-August to approve the acquisition. (International Herald Tribune -- Sports)
America's Cup Stakes Future on `David Against Goliath' Regatta in Valencia Jun 22, 2007
Organizers also signed up new sponsors, including Spain's Banco Santander Central Hispano SA, Spain's biggest bank, and Paris-based Alcatel-Lucent, the world's biggest maker of telecommunications equipment. Most of the revenue went back into improving TV coverage and promoting the America's Cup with warm- up regattas from Malmo, Sweden, to Sicily, Bonnefous says. (Bloomberg)
Dutch unions to join VEB in court demand for inquiry into ABN-Barclays merger Jun 14, 2007
The LaSalle deal is part of ABN Amro's agreed merger with Barclays PLC (nyse: - - ), but a consortium of banks involving Royal Bank of Scotland Group, Banco Santander Central Hispano SA (nyse: - - ) and Fortis NV -- has lodged a higher, rival offer for the ABN Amro group, including LaSalle. ABN Amro has expressed its preference for a merger with Barclays and claims it does not need to consult shareholders about the LaSalle deal. (Forbes -- Markets)
Bidders for ABN AMRO jostle for position while waiting for court ruling Jun 14, 2007
Meanwhile, Banco Santander Central Hispano, Spain's largest bank and part of the Royal Bank of Scotland consortium, said Wednesday that it planned to raise about 4 billion through a sale and lease back of its new headquarters outside Madrid, some hundred branches and about 40 other office buildings in Spain. Multimedia. (International Herald Tribune -- Money Report)
Movers: Companies in the news Jun 8, 2007
Cemex will now focus on paying down debt and squeezing savings out of Rinker over the next two years, said Gonzalo Fernndez, an analyst with the Mexican unit of Banco Santander Central Hispano. - Thomas Black. (International Herald Tribune -- Business Asia)
CEO of LaSalle parent says too early to pick winner Jun 7, 2007
RBS, Spain's Banco Santander Central Hispano and Dutch-Belgian group Fortis last week offered to buy the largest Dutch bank for about 71 billion euros ($96 billion). ABN had previously endorsed a roughly 64 billion euro bid by Barclays. (Crain's Chicago Business)
ABN Amro gets $95.5 billion hostile bid May 30, 2007
Banco Santander Central Hispano SA of Spain would buy ABN's Italian and Brazilian operations for 19. 9 billion euros ($26. (MSNBC -- International)
DAILY DIGEST May 30, 2007
Royal Bank of Scotland and its two partners, Banco Santander Central Hispano of Spain and Fortis, the Belgian financial-services group, offered $59. 51 for each ABN Amro. (San Francisco Chronicle -- Business)
RBS Bid Falls Flat May 30, 2007
LONDON - There was no doubting the mettle of Fred "The Shred" Goodwin on Tuesday, when the boss of Royal Bank of Scotland finally threw his audacious offer for ABN Amro on the table, together with partners Fortis and Banco Santander Central Hispano ... 2 billion for the bank's Dutch operations and asset management business, and Banco Santander Central Hispano (nyse: - - ) would buy ABN's Italian and Brazilian operations for $26. (Forbes)
RBS launches hostile $95.5B bid for ABN May 30, 2007
Banco Santander Central Hispano of Spain would buy ABN's Italian and Brazilian operations for 19. 9 billion euros ($26. (USA Today -- Money)
RBS outlines LaSalle plans May 30, 2007
RBS, whose group includes Fortis NV of Belgium and Banco Santander Central Hispano SA of Spain, said its U.S. operations know a thing or two about integrating banks. "Over the past 15 years, Citizens has carried out 27 integrations, and many of the Citizens team [who would be] responsible for the integration of LaSalle have been involved in Citizens' previous integrations," RBS said. (Chicago Tribune)
SCH sees 1.030 bln eur total synergies from ABN Amro assets buy May 29, 2007
MADRID (Thomson Financial) - Banco Santander Central Hispano SA said it expects total synergies from its share of the acquisition of ABN Amro of 1. 030 bln eur, if the 38. (Forbes -- Markets)
3-company alliance trumps Barclays with bid for ABN AMRO May 29, 2007
LONDON: Royal Bank of Scotland, Banco Santander Central Hispano of Spain and Fortis of Belgium offered 71. 1 billion Tuesday for the Dutch bank ABN AMRO, trumping a bid by Barclays. (International Herald Tribune -- Business)
Global branding as banks cross borders May 28, 2007
LONDON: When Banco Santander Central Hispano bid for Abbey National of Britain in 2004, it encountered ignorance about its size and competence - and prejudice about its origins. That strongly reinforced the Spanish bank's decision to have its global operations converge toward a single brand. (International Herald Tribune -- Business)
Santander BanCorp Declares Common Shares Dividend May 26, 2007
91% of the outstanding common stock of Santander BanCorp is owned by Banco Santander Central Hispano, S.A (Santander). The Corporation has five wholly owned subsidiaries, Banco Santander Puerto Rico, Santander Securities Corporation, Santander Financial Services, Inc., Santander Insurance Agency, Inc. and Island Insurance Corporation. (PR Newswire)
Bank group bidding for ABN AMRO to disclose plans on Tuesday May 26, 2007
Royal Bank of Scotland, Banco Santander Central Hispano of Spain and Fortis, a Belgian financial-services group, said Friday that they would make an announcement Tuesday "clarifying whether or not, and if so under what circumstances" they would make a formal offer for ABN AMRO.. The takeover battle, the biggest in the banking industry, started in April with a 64. (International Herald Tribune -- Money Report)
Royal Bank of Scotland to decide on bid for ABN Amro May 29 May 25, 2007
Barclays CEO John Varley says its offer is a merger, while an RBS takeover would amount to a carve-up of ABN: RBS's partners are Belgian-Dutch bank Fortis NV, which wants ABN's Dutch operations, and Spanish bank Banco Santander Central Hispano SA, which wants ABN's Brazilian and Italian arms. Today in Business. (International Herald Tribune -- Business)
RBS consortium to provide update on ABN Amro on May 29 May 25, 2007
The consortium, which also includes Spain's Banco Santander Central Hispano (nyse: - - ) and Belgo-Dutch bancassurer Fortis, had previously been expected to issue a statement on Sunday May 27. The group said it is delaying the date of its statement because of Monday's public holiday in the UK, the Netherlands, and Belgium. (Forbes)
Societe Generale not only looking at UniCredit, but Intesa SanPaolo, UBS, LloydsTSB, Santander, others - source May 17, 2007
Spanish banks such as Banco Bilbao Vizcaya Argenteria (BBVA) or Banco Santander Central Hispano, could also be a match, this source said, adding that other possibilities include Switzerlands UBS and Germanys Deutsche Bank. However, few analysts believe that UBS would seriously consider doing a deal with SocGen as a whole, although it may be interested in its asset management or investment banking units. (FT.com -- Markets)
Bank of America appeals Dutch court ruling freezing ABN Amro's sale of LaSalle Bank May 16, 2007
RBS and its partners, Fortis NV of Belgium and Banco Santander Central Hispano SA of Spain, reject those claims. In documents published Monday, they said their offer is obviously more attractive for ABN shareholders, given that it is both higher and comes mostly in cash, without the downside risk of Barclays shares. (San Diego Union-Tribune -- Business)
RBS consortium to launch a 43 eur/shr hostile bid for ABN Amro - report May 10, 2007
MADRID (Thomson Financial) - The consortium led by Royal Bank of Scotland and with Banco Santander Central Hispano SA and Fortis are preparing a 43 eur per share hostile bid for ABN Amro, including LaSalle, La Razon reported, without citing a report. The offer will be presented before the Dutch bank's EGM, which could be held in June, the newspaper said. (Forbes -- Markets)
ABN Amro to Appeal Ruling on BofA Sale May 10, 2007
Barclays CEO John Varley says the Barclays deal is a merger, while an RBS takeover would amount to carving up ABN. RBS's other consortium partners are Belgian-Dutch bank Fortis NV, which wants ABN's Dutch operations, and Spanish bank Banco Santander Central Hispano SA, which wants ABN's Brazilian and Italian arms. The Dutch court found that ABN's boards had "misunderstood" their duties when they tried to sell LaSalle without seeking shareholder approval, since the sale was directly tied to the... (ABC News -- Wire)
RBS consortium meets Netherlands' Bos to ease fears over planned ABN bid - FT May 10, 2007
RBS chief executive Sir Fred Goodwin and a senior executive from Fortis NV, the Belgo-Dutch financial services group also part of the consortium along with Banco Santander Central Hispano SA (nyse: - - ), met with the minister a day after he called for 'clarity as completely and rapidly as possible' in the race against Barclays PLC (nyse: - - ) for the ABN Amro (nyse: - - ). The FT cited sources close to the dossier as saying the meeting had been scheduled for some time and does not indicate an... (Forbes -- Business)
ABN AMRO rejects bid by group to purchase LaSalle Bank May 8, 2007
The move increased hostilities between ABN AMRO's board and the group, which includes Banco Santander Central Hispano of Spain and Fortis, a Belgian financial services group. The consortium said Monday that the price offered for LaSalle was "materially greater" than the Bank of America offer and "would have led to a public offer from the banks for ABN AMRO.". (International Herald Tribune -- Money Report)
ABN Amro gets $96B bid from Royal Bank of Scotland group, $24.5 billion for LaSalle May 8, 2007
Among RBS's partners, Banco Santander Central Hispano SA of Spain wants ABN's high-growth Brazilian operations, while Fortis wants the Dutch bank's operations in the Netherlands, where they have significant overlap of branch offices. ABN's management says the Barclays deal amounts to a merger, whereas the RBS group's offer amounts to a carve-up of ABN's assets. (San Diego Union-Tribune -- Business)
ABN Amro confirms, rejects conditional bid for LaSalle at 24.5 bln usd - UPDATE May 7, 2007
AMSTERDAM (Thomson Financial) - ABN Amro Holding NV (nyse: - - ) confirmed it received a conditional bid Friday for its US unit LaSalle from the consortium consisting of Fortis NV, Royal Bank of Scotland and Banco Santander Central Hispano (nyse: - - ) but determined the bid is 'not superior' to the Bank of America (nyse: - - ) offer at 21 bln usd. ABN Amro said that the proposal is inter-conditional on the purchase by the consortium of ABN Amro for an indicative price of 38. (Forbes -- Markets)
U.S. unit of ABN AMRO draws higher bid May 7, 2007
The group of three, which includes Banco Santander Central Hispano, the largest Spanish bank, and Fortis, a Belgian banking group, continued negotiations Sunday on a formal bid for all of ABN AMRO. But they raced to submit their bid Saturday for LaSalle Bank, the U.S. unit, before a bidding deadline expired at Sunday night in New York. Not submitting an offer for LaSalle, based in Chicago, by that deadline could have limited the chances of the Royal Bank of Scotland group to buy all of ABN AMRO... (International Herald Tribune -- Money Report)
Royal Bank of Scotland group bid $24-billion for Lasalle May 7, 2007
Among RBS's partners, Banco Santander Central Hispano SA of Spain wants ABN's high-growth Brazilian operations, while Belgian-Dutch Fortis NV wants the Dutch bank's operations in the Netherlands and Belgium, where they have significant overlap of branch offices. ABN's management says the Barclays deal is a merger, whereas the RBS group's offer would amount to little more than a carving-up of ABN's assets. (Globe and Mail -- Business)
Court: Shareholders Must Approve LaSalle Bank Sale May 4, 2007
"ABN management argued that the RBS consortium wants to carve up ABN's businesses, a strategy likely to lead to mass layoffs and not in the best interest of long-term shareholders.RBS partners Banco Santander Central Hispano SA of Spain wants ABN's high-growth Brazilian operations, while Belgium's Fortis NV wants the Dutch arm, which is the Netherlands' largest retail bank.Labor unions are already opposed to the Barclays' deal, which will lead to 24,000 jobs lost or outsourced to low-wage... (CBS2Chicago.com, IL)
ABN AMRO's sale of LaSalle blocked by a Dutch court May 4, 2007
The Royal Bank of Scotland consortium, which includes Banco Santander Central Hispano of Spain and Fortis, the Belgian banking group, was negotiating with ABN AMRO's board to gain access to the bank's financial information. The consortium plans to break up ABN AMRO and split the assets among its members, a strategy ABN AMRO has rejected in the past. (International Herald Tribune -- Business)
