LaSalle ruling expected Friday
10 July 2007, AMSTERDAM – The Supreme Court has announced that it will pronounce a verdict on ABN Amro's sale of American subsidiary LaSalle on Friday.
10 July 2007
AMSTERDAM – The Supreme Court has announced that it will pronounce a verdict on ABN Amro's sale of American subsidiary LaSalle on Friday.
The sale of LaSalle opens the way for a takeover of ABN Amro by British bank Barclays. ABN has agreed to sell LaSalle to Bank of America for EUR 21 billion. ABN shareholders are opposed to the sale however.
They took the matter to court because they feel ABN was obliged to first consult shareholders on the sale. The Enterprise Chamber of the court decided in early May that the sale should not have taken place without permission from the shareholders, upon which the transaction was frozen.
The advocate general said in his recommendation at the end of June, which the Supreme Court follows in 80 percent of cases, that the Enterprise Chamber's verdict should be overturned.
The banking consortium consisting of Royal Bank of Scotland, Fortis and Banco Santander want to take over ABN Amro with subsidiary LaSalle included.
[Copyright Expatica News 2007]
Subject: Dutch news