Bank of America wins fight for LaSalle
ABN AMRO Holding NV has been given permission to sell its U.S. subsidiary to Bank of America without shareholder approval, the Associated Press reported.
The $21 billion sale of Chicago-based LaSalle Bank Corp. to Bank of America was approved by the Dutch Supreme Court.
“We’re satisfied with this ruling, which will allow us to complete the transaction as soon as possible,” Bank of America spokesman Frans van der Grint said.
Van der Grint said he now expected the purchase to proceed “swiftly,” but did not specify a time frame.
However, the larger fight between Barclays plc and a consortium led by Royal Bank of Scotland plc to buy ABN AMRO will likely continue. Barclays has proposed an all-share merger with ABN worth $86 billion or $46.48 per share at current levels. The RBS consortium’s mostly cash offer is worth $95.6 billion or $52.27 per share – but it was dependent on LaSalle remaining within ABN.
U.S. business law professor Anthony Sabino of St. John’s University said the ruling seals LaSalle’s fate.
“Bank of America has been covetous of LaSalle’s operations in the Midwest for a long time. There’s no way they will sell them to RBS,” he said.