Royal Bank of Scotland launches a 71.1 billion Euro bid for ABN AMRO

This is impressive stuff. Royal Bank of Scotland along with a consortium has launched a 71.1 billion Euro mega bid for the Dutch group ABN AMRO.

With this, they have challenged the Britain’s Barclay’s which is also in the hunt for the acquisition of ABN Amro. It is now pretty clear that this deal is going to be the world’s biggest bank takeover.

RBS-led group of banks said in a statement today that they together have raised the cash element of their offer from their original proposal.

However, their bid is conditional on the disputed purchase of ABN’s U.S. bank arm.

Alex Potter, an analyst at Collins Stewart in London spoke about this new development in the acquisition hunt for ABN AMRO Bank: “This deal offers better value for ABN shareholders, and we anticipate the consortium winning control.”

Fred Goodwin, RBS chief executive had this to say about their bid: “All of the bids should go before shareholders, and they should allow shareholders to decide in an environment of having as level a playing field as can be.”

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