ABN to carefully consider Royal Bank-led group bid

May 30 | Updated: May 31 2007, 05:30am hrs
ABN Amro Holding NV, the subject of the largest banking takeover, will carefully consider the proposed 71.1 billion-euro ($95.5 billion) offer from Royal Bank of Scotland Group Plc, Santander Central Hispano SA and Fortis.

ABN Amro will study the proposed offer and examine its implications for the Dutch bank, its shareholders and all other stakeholders, the Amsterdam-based company said in an e-mailed statement on Wednesday. Royal Bank, Santander and Fortis on Tuesday trumped London-based Barclays Plc, which agreed to buy ABN Amro on April 23 in a deal valued at 65.5 billion euros.

In response to the announcement by the three banks, the supervisory board has formed a transaction committee, ABN Amro said.

The transaction committee will liaise with the managing board and key staff and advisers of the bank on an ongoing basis on all matters with respect to the recommended offer by Barclays and the offer proposed by the group Edinburgh-based Royal Bank leads, ABN Amro said.

The transaction committee is composed of Arthur Martinez, chairman of the supervisory board, vice-chairman Andre Olijslager and Rob van den Bergh, ABN Amro said.

ABN Amro agreed last month to be bought by Barclays and to sell its Chicago-based unit LaSalle Bank to Bank of America Corp for $21 billion. That accord was dealt a setback when an Amsterdam court ruled the LaSalle sale would need shareholder approval.

ABN Amro and Bank of America appealed to ruling.Royal Bank, Fortis and Spains Santander plan to carve up the 183-year-old ABN Amro.

Bloomberg