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ABN Amro Faces Court Hearing over LaSalle Sale

AFX
Friday, 27 Apr 2007 | 8:03 AM ET

ABN Amro Holding has been called to a hearing at the Enterprise Chamber of the Amsterdam Court of Appeal tomorrow in a case brought by the Dutch shareholders' association VEB, which is demanding an investigation into the policy making process at the bank, which is the Netherlands' largest.

The VEB has demanded that ABN Amro ask shareholders to vote on its planned $21 billion sale of its U.S. unit LaSalle to Bank of America , and warned the Dutch bank yesterday that it would take it to court if it refused.

ABN Amro has refused to ask shareholders for approval.

VEB director Peter Paul de Vries has also objected to restrictions placed by ABN Amro on the takeover bid by Royal Bank of Scotland Group, Fortis and Banco Santander Central Hispano consortium, which confirmed this morning it will make a public bid for ABN Amro.

ABN Amro has said it prefers a merger of equals with Barclays and has already entered into a 67 billion euro merger transaction. The court hearing will start at 9 am Amsterdam time tomorrow.

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