Barclays has been dealt a serious blow in its campaign to clinch a £96 billion merger with ABN Amro, when a Dutch judge froze a pivotal "poison pill" side deal, reports The Times.
The rival approach for the Dutch bank by a Royal Bank of Scotland-led consortium was boosted after the Dutch commercial court temporarily blocked ABN’s planned $21 billion sale of LaSalle, its US offshoot, to Bank of America. RBS and its consortium partners, Banco Santander and Fortis, were last night debating whether to take advantage of the favourable judgment to launch an immediate bid for ABN and/or LaSalle. It is thought that Sir Fred Goodwin, the RBS chief executive, could meet ABN’s chairman, Arthur Martinez, as early as today. ABN shares rose 2 per cent to €36.60 after the rulin...
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