Dutch Auction

26 April 2007

Opening its books to the RBS consortium is a good start. But the bank now needs to show rival bidders how to unpick the LaSalle sale to BoA. Shareholders distrust the ABN’s impartiality. The supervisory board figures like Baron Rothschild, Eni’s Scaroni should provide balance.

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ABN Amro has agreed to open its books to a consortium of European banks that has proposed a higher rival bid for the Dutch lender than one already agreed from Barclays.

The Dutch bank's management board has been under intense pressure from shareholders to allow Royal Bank of Scotland, Santander of Spain and Fortis access to its accounts after the trio unveiled a E39 per share offer, mostly in cash.

ABN, which host its annual general meeting today, said it had agreed to allow due diligence on the same terms as it had granted Barclays, following the British bank's E66bn bid.

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