Court Allows ABN to Sell LaSalle Bank
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THE HAGUE, Netherlands -- ABN Amro's sale of its U.S. arm LaSalle to Bank of America was lawful, the Dutch Supreme Court ruled Friday _ overturning a lower court's move blocking the sale and making the $21 billion sale virtually certain to succeed.
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The Dutch government&#39;s legal representative to the supreme court issued an opinion Tuesday potentially favorable to a bid by British bank Barclays for ABN Amro, a Dutch banking giant also courted by the Royal Bank of Scotland.
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Japan&#39;s Supreme Court ruled on Monday that troubled bank UFJ Holdings Inc. can pull out of a deal to sell its trust business to a smaller rival, clearing the way for a full
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A preferred buyer for the National Irish and Northern banks is expected to be announced by their parent this morning. National Australia Bank is due to make an announcement to the stock exchanges in Melbourne and London.
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A 98-billion dollar bid for Dutch bank ABN Amro from a three-member consortium led by the Royal Bank of Scotland won the approval of Dutch Finance Minister Wouter Bos.
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Online bank Egg agrees to sell its French lending business to Banque Accord for about Â£96m.
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ABN AMRO&#39;s sale of U.S. subsidiary  LaSalle does not need shareholders&#39; approval, a law professor  advising the Dutch Supreme Court said on Tuesday, raising the  chances of Barclays taking over the Dutch bank.
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Britain&#39;s Barclays  has raised  its offer for ABN AMRO  to 67.5 billion euros ($93  billion) and included 37 percent in cash as it seeks to regain  the initiative in the world&#39;s biggest bank takeover battle.
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Bank of America Corp  said it will lay off about 2,500 workers in Illinois and 1,500 in Michigan over the next two years in connection with its $21 billion purchase of LaSalle Bank Corp from Dutch bank ABN AMRO Holding NV .
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British bank Barclays has raised its offer for ABN AMRO to 67.5 billion euros ($93 billion) and included some cash, helped by major investment from state authorities in China and Singapore.
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Bank of America Corp  on Friday  said it has won approval from the U.S. Federal Reserve for its  $21 billion acquisition of LaSalle Bank Corp from Dutch bank  ABN AMRO Holding NV .
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ABB, the Swiss engineering company, will sell an oil and gas production plant, Lummus Global, to the Chicago Bridge and Iron Company for $950 million, ABB said. The buyout, subject to approval by regulators and Chicago Bridge shareholders, is expected to close in the fourth quarter, ABB said. ABBâs chief executive, Fred Kindle, said the sale was the final step in his companyâs strategy to focus on power and automation technology. Lummus Global provides proprietary process technologies, project management, engineering and procurement services to the oil and gas industry. It has 2,400 employees and reported sales of $988 million last year. Chicago Bridge is based in the Netherlands.
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NYSE Euronext has joined Dutch and British financial authorities in examining trading patterns of ABN Amroâs shares and American depositary receipts just before the multibillion-dollar bidding war over ABN became public, the bank said. âWe have received a request from the NYSE regarding transactions ahead of the announcement of our merger talks with Barclays,â a spokesman, Neil Moorhouse, said, reading a statement. He said ABN was cooperating with the investigation, but could not comment on whether there was any reason to suspect insider trading. The Supreme Court in the Netherlands is expected to make a ruling Friday in the fight between Barclays and a consortium of banks led by the Royal Bank of Scotland to buy ABN Amro for about 71 billion euros ($97.6 billion).
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The Dutch banking and insurance group ING said it had reached an agreement in principle to sell its troubled German unit ING BHF-Bank to the German private bank Sal. Oppenheim.
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The Dutch Supreme Court will issue  its ruling on ABN AMRO&#39;s  suspended sale of U.S.  subsidiary LaSalle on Friday, July 13, at 0800 GMT, the court  said on Tuesday.
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The liberal news and talk radio network has won bankruptcy court approval to sell its assets at an auction Friday.
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ABN Amro Holdings, the Dutch bank, posted a 4.6 percent increase in fourth-quarter earnings on higher interest income, asset disposals and higher fees and commissions. Net profit was 1.36 billion euros ($1.76 billion), up from 1.30 billion euros a year earlier. ABN predicted earnings per share in 2007 of at least 2.30 euros ($2.98), apart from any asset sales, which would be a step back from the 2.50 euros ($3.24) it earned in 2006, but above the 2.02 euros per share it earned in 2006 excluding certain items. The 2007 growth is âto be achieved mainly by improving our operating performance,â the chairman, Rijkman W. J. Groenink, said in a statement. He said the company expected to grow in Asia, Brazil and Italy. Operational improvement in mature markets like the Netherlands and in the United States, where ABN Amro operates LaSalle Bank in the Midwest, would come from cost-cutting.