Dutch top court may lean to Barclays

An adviser to the Dutch high court said ABN Amro can sell LaSalle without shareholder approval.
JUN 26, 2007
By  Bloomberg
In an advisory opinion issued today, Dutch Advocate General Levinus Timmerman said that ABN Amro Holding NV does not need shareholder approval for the $21 billion sale of its LaSalle unit to Bank of America, according to Bloomberg. The statement by the Advocate General, whose rulings are followed about 80 percent of the time by the Dutch Supreme Court, is a blow to rival bidders Royal Bank of Scotland Group PLC, Banco Santander SA and Fortis, who have joined forces to buy LaSalle as part of a $95.5 billion acquisition of ABN Amro. While a lower court said that the shareholders should have been consulted on the LaSalle sale, Mr. Timmerman said that their right to approve a merger “must be founded on a widely accepted legal conviction, which is not the case in the present matter,” the Associated Press reported. The sale is legal under Dutch law and the lower court’s decision should be overturned, Mr. Timmerman said. Barclays’ $83 billion purchase of ABN Amro depends on LaSalle’s sale to Bank of America, while the RBS-led consortium wants to buy the U.S. bank to keep Barclays out of the deal. ABN Amro said that it was studying Mr. Timmerman’s opinion, noting that it was an “opinion and not a judgment,” the AP reported. A ruling on the matter by The Hague-based Supreme Court is expected in mid-July.

Latest News

Northern Trust names new West Region president for wealth
Northern Trust names new West Region president for wealth

The new regional leader brings nearly 25 years of experience as the firm seeks to tap a complex and evolving market.

Capital Group extends retirement plan services further with a focus on advisors
Capital Group extends retirement plan services further with a focus on advisors

The latest updates to its recordkeeping platform, including a solution originally developed for one large 20,000-advisor client, take aim at the small to medium-sized business space.

Why RIAs are the next growth frontier for annuities
Why RIAs are the next growth frontier for annuities

David Lau, founder and CEO of DPL Financial Partners, explains how the RIA boom and product innovation has fueled a slow-burn growth story in annuities.

Supreme Court slaps down challenge to IRS summons for Coinbase user data
Supreme Court slaps down challenge to IRS summons for Coinbase user data

Crypto investor argues the federal agency's probe, upheld by a federal appeals court, would "strip millions of Americans of meaningful privacy protections."

Houston-based RIA Americana Partners adds $1B+ with former Morgan Stanley director
Houston-based RIA Americana Partners adds $1B+ with former Morgan Stanley director

Meanwhile in Chicago, the wirehouse also lost another $454 million team as a group of defectors moved to Wells Fargo.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.