Bad news for shareholders! It was clear when the management of ABN-Amro agreed the sale of their US bank, LaSalle Bank, to Bank of America, it was because one of the unwelcome bidders, Royal Bank of Scotland (RBS), wanted this property.
The objective of ABN-Amro was and is to derail the alternative offer and prevent its shareholders from voting on the two alternatives. ABN-Amro prefers to give its shareholders only the deal they stitched up with Barclays!
This lack of concern for its shareholders is outrageous and, unfortunately, it appears that the Dutch appeal court is siding with directors over shareholders.
If this decision is confirmed by the Dutch Supreme Court, it will be a bad day for shareholders!
Onésimo Alvarez-Moro
See article:
Investors’ hopes for a full-blown takeover battle for ABN Amro suffered a setback on Tuesday when a senior Dutch legal official argued that the Dutch bank did not need to put the sale of its US subsidiary, LaSalle, to a shareholder vote.
In an eagerly-awaited opinion, the attorney-general to the Dutch Supreme Court recommended that it overturn an earlier decision by the Enterprise Chamber, which had ruled that ABN Amro could not sell LaSalle without approval from shareholders.
The opinion, a summary of which was published on the Supreme Court’s website on Tuesday morning, is the first indication of which direction the Supreme Court might rule when it considers an appeal early next month.
See full Article (paid subscription required).
Posts
