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ABN Amro Up For Sale

The chief executive of ABN Amro is at risk of losing his job after the Dutch bank reversed course and allowed a takeover consortium to access its books, according to a media report.

Sunday's The Independent, a British newspaper, reported that CEO Rijkman Groenink only changed his position against allowing the Royal Bank of Scotland-led group to perform due diligence on ABN ABN after coming under intense shareholder pressure to consider their bid.

ABN is weighing competing bids Britain's Barclays PLC , offering about $91 billion, and the proposal by the RBS group, which is worth about $100 billion.

ABN decided Friday to open its books to RBS, a day after Groenink defended the Barclays deal against a shareholder revolt, according to a report on The Independent's Web site.

Citing unnamed analysts, the report said the exit of Groenink could boost RBS's chance of winning the takeover battle for ABN.

The report said the move to allow due diligence by RBS is believed to have been pushed through by the Dutch bank's supervisory board. ABN's board still supports Barclay's proposal.

The report follows an announcement from an Amsterdam court on Saturday that it will decide Thursday about whether or not to freeze the sale of ABN's LaSalle Bank to Bank of America Corp. BAC. If the $21 billion sale is halted, it would give the RBS group more time to present its offer to ABN shareholders. See full story.

On Friday, the RBS group, which includes Spain's Banco Santander, said it intends to push ahead with its pursuit of ABN, despite resistance from the bank itself. via menafn.com



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