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ABN Amro Supervisory Board Steps into Takeover Battle

Reuters
Wednesday, 30 May 2007 | 4:30 AM ET

ABN Amro's supervisory board is getting more involved in the Dutch bank's takeover battle after a consortium led by Royal Bank of Scotland launched a bid, ABN said on Wednesday.

Royal Bank of Scotland, together with its partners Fortis and Santander launched a 71.1 billion euro ($95.6 billion) bid on Tuesday, trumping Britain's Barclays in a battle for the world's biggest bank takeover.

ABN Amro's supervisory board has formed a transaction committee to deal with the offers made by Barclays and the RBS-led consortium, ABN said in a statement.

"The managing board of ABN Amro welcomes the initiative of the supervisory board to further increase its involvement with the principal issues on the managing board agenda," ABN said.

ABN's Chief Executive Rijkman Groenink came under pressure from some shareholders and analysts to resign after a Dutch court froze ABN's planned sale of its U.S. unit LaSalle to Bank of America , but he has said his position had not been discussed internally.

ABN said that its managing board and supervisory board will carefully examine the consortium's offer made on Tuesday.

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