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Last Updated: Sunday, 6 May 2007, 11:55 GMT 12:55 UK
RBS 'mounts bid' for LaSalle bank
Branch of LaSalle bank
The row over LaSalle's future has hit Barclays' bid for ABN Amro
A consortium led by Royal Bank of Scotland is reported to have tabled a $22bn (�11bn) bid to buy the US operations of Dutch bank ABN Amro.

The move for US-based LaSalle would be the latest twist in an increasingly bitter banking takeover battle.

A Dutch court last week blocked ABN's plans to sell its US business to Bank of America for $21bn.

The sell-off of LaSalle had been a key factor in ABN's planned $90bn merger with Britain's Barclays bank.

Legal action

The Royal Bank of Scotland consortium, which also includes Spain's Santander and Belgian-Dutch bank Fortis, offered ABN $22bn for control of LaSalle, according to the Sunday Telegraph.

An earlier report on the Wall Street Journal's website suggested the figure could be as high as $24.5bn.

The Royal Bank of Scotland consortium has already indicated it would be willing to pay up to $98bn for ABN - trumping Barclays' bid for the Dutch bank - on condition that LaSalle remains part of ABN.

Amsterdam's commercial court ruled on Thursday that ABN's management could not go ahead with the sale of LaSalle to Bank of America without first putting the decision to a vote by shareholders.

Bank of America on Friday said it planned to sue ABN as a result of the ruling.

The Royal Bank of Scotland consortium eventually plans to break up ABN if it wins control of the Dutch bank, while Barclays has pledged to shift the enlarged group's headquarters to Amsterdam if its bid is successful.

The sale of ABN Amro was sparked by a campaign by the Children's Investment Fund, which wanted the Dutch bank to break itself up to maximise shareholder value.


SEE ALSO
ABN Amro sued over bank dispute
04 May 07 |  Business
Court blow to Barclays ABN deal
03 May 07 |  Business
'Legal threat' over ABN bank sale
30 Apr 07 |  Business
RBS woos ABN with �49bn bid plan
25 Apr 07 |  Business
ABN Amro investors in bid revolt
26 Apr 07 |  Business
Barclays agrees �45bn Dutch deal
23 Apr 07 |  Business

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