Santander, RBS reportedly mull counterbid for ABN Amro

LONDON (MarketWatch) — Spain’s Banco Santander (SAN.MC) is working with Royal Bank of Scotland (RBS.LN) of the UK on a bid for ABN Amro Holding NV
to compete with one from Barclays PLC
the Sunday Telegraph reports.

The paper, which doesn’t cite sources, says the deal would see Santander take control of ABN’s retail banking operations in continental Europe, as well as its South American businesses. RBS would acquire La Salle, ABN’s U.S. retail bank and ABN’s wholesale banking operations

The paper adds Goldman Sachs and Merrill Lynch, long-term advisers to both banks, are understood to be working on the proposed deal.

The paper reports that in attempt to disrupt the Santander/RBS plans, Barclays is mulling a move to sell La Salle to RBS should its own bid for ABN Amro be successful.

Newspaper Web site:

London Bureau, Dow Jones Newswires; +44 (0)20 7842-9320

Corrected April 9, 2007 11:24 ET (16:24 GMT)

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