HOLLAND - Rebel institutional investors have been told to wait until Thursday to decide whether ABN...
Bank of America reportedly threatened legal action against ABN Amro if there was an attempt to interfere with its plans to buy LaSalle.
The threat meant the protracted legal battle over the future of the Dutch bank, which is the subject of bids from Barclays and a consortium led by the Royal Bank of Scotland (RBS), could rumble on.
Dutch shareholder rights group VEB last week led an attack at the annual shareholder meeting in Amsterdam, arguing that the sale of LaSalle to Bank of America for US$ 21bn required shareholder approval.
VEB head, Peter de Vries, was said to have climbed on stage to demand answers after not getting the chance to speak.
Pension giants ABP and PGGM, together with pension servicing company Mn Services, supported the protest calling it a “hastily-arranged poison pill”, according to reports.
If the VEB case fails, the Royal Bank of Scotland (RBS) consortium, is expected to pursue ABN by making an offer for LaSalle conditional on it buying the whole bank.
In the opinion of many commentators, unwinding the sale of LaSalle is crucial to RBS and its partners because they can pay more for the company than Barclays, but only if the deal includes LaSalle.
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