RBS and Bank of America end talks over LaSalle dispute
According to media releases, UK banking group Royal Bank of Scotland CEO Fred Goodwin has revealed that the group is no longer in talks with US finance giant Bank of America in relation to the sale of ABN Amro-owned LaSalle.
The negotiations come amid one of the largest takeover battles in the world, for Dutch lender ABN Amro. The Royal Bank of Scotland (RBS) has placed an offer of E71.1 billion for the Dutch group on the condition that LaSalle is included in the sale. Prior to this proposed offer, ABN Amro had agreed to sell the US subsidiary to Bank of America. As the dispute escalated, the Dutch court halted the sale of LaSalle, and as a result, ABN Amro found itself facing a lawsuit filed by Bank of America for terminating the sale. In an attempt to reconcile the situation, RBS reportedly entered into talks with the US banking giant but failed to reach an agreement. Cited in Reuters, Mr Goodwin said: We've got nothing to add from last week, when we said there are no ongoing discussions. I don't see any particular urgency on the subject...I'm happy to have a conversation, we've had one before - which would suggest there is a basis for conversation - but if one happens it happens, if it doesn't it doesn't.
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