What was the consortium proposing?
It was offering €38.40 a share, valuing ABN at €71bn, but the bid has now lapsed. The partners were proposing to carve up the business so that RBS would take ABN’s US arm LaSalle, the Asian business, global clients and wholesale bank including Hoare Govett. Santander would have the Italian and Brazilian divisions. Fortis would get the core Dutch business, the private clients and asset management arms. What now? The consortium has launched a revised offer without LaSalle. The new bid continues to value ABN Amro at 38.40 euros a share but the group will now pay 93pc of the price in cash. The assets would be divided as before, but RBS would end up with only 15pc of ABN. Some have questioned whether RBS should continue to lead the bid after losing the asset it prized most, especially as it now effectively becomes the junior partner. Barclays will now have to decide whether to raise its bid or pull out. It is thought to have some cash up its sleeve – either from reducing its capital adequac
