• Thu
  • Aug 28, 2014
  • Updated: 12:25am

Bank Business

PUBLISHED : Tuesday, 24 July, 2007, 12:00am
UPDATED : Tuesday, 24 July, 2007, 12:00am

February 21: UK hedge fund The Children's Investment Fund calls on ABN Amro to spin off its different units, merge or break itself up following a disappointing share price performance over the previous couple of years.

March 19: Barclays says it is in exclusive talks to acquire ABN Amro.

April 5: Speculation mounts that Royal Bank of Scotland is about to enter the bidding with Banco Santander.

April 16: RBS, Santander and Fortis say they are interested in making a joint bid and request access to due diligence information.

April 17: ABN extends its talks with Barclays for three days, after which it offers to talk with the RBS-led consortium.

April 23: ABN agrees to be bought by Barclays in an all-share deal valued at about US$91 billion. As part of the deal, ABN will sell its LaSalle division to Bank of America Corp.

April 25: The RBS consortium says it will bid about US$100 billion, but only if the LaSalle sale is halted.

April 26: Some shareholders at ABN's annual meeting protest over the Barclays deal, saying the LaSalle sale was intended to block RBS.

April 27: RBS and its partners say they are still interested in buying ABN.

May 3: A Dutch judge halts the sale of LaSalle, saying ABN needs to get shareholder approval to sell the division. The decision is referred to the Supreme Court.

May 5: Bank of America files a lawsuit against ABN, alleging its business could be hurt if the LaSalle deal is delayed.

May 7: ABN rejects a US$24.5 billion offer for LaSalle from the RBS consortium.

May 10: ABN's chief financial officer Hugh Scott-Barrett says he will quit in August.

May 29: The RBS consortium launches an official US$95.5 billion bid for ABN.

June 5: RBS says it is in talks with Bank of America over a compromise deal on LaSalle.

July 13: The Dutch Supreme Court rules that ABN can proceed with the LaSalle sale without shareholder approval.

July 16: The RBS consortium offers US$98 billion for ABN, excluding LaSalle.

July 23: Barclays raises its offer to US$93.4 billion after lining up investments from China Development Bank and Singapore's Temasek Holdings.


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