The European Commission has set a 6 August deadline for a decision on the planned merger between Dutch bank ABN Amro and Barclays of the UK.
Barclays made an offer in April to take control of ABN Amro for about 84 billion dollars, while a consortium led by the Royal Bank of Scotland Group is proceeding with a counter-bid of around 95.5 billion dollars.
The notification comes as Barclays won an extra three weeks grace from the Dutch regulators to finalise its bid for ABN Amro, meaning a decision will come from them by 23 July.
Meanwhile, legal proceedings continue in the Netherlands where the Supreme Court ruled that the sale of LaSalle – ABN Amro's US business – was illegal in being pushed through without shareholder approval.
Last week, an Advocate-General in the case issued an opinion, however, suggesting that ABN Amro acted legally, increasing the chances that the sale of LaSalle will be allowed to stand.
The consortium of RBSG, Santander and Fortis plan to table a formal offer later this month.
By Lewis Crofts
© MLex
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