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I told you this wasn't over. Now a group led by RBS is making a counter offer of $98.5 billion for ABN Amro. Barclay's bid is for about $90 billion.

Royal Bank of Scotland Group Plc, Santander Central Hispano SA and Fortis offered 72.2 billion euros ($98.5 billion) to buy ABN Amro Holding NV, sparking the biggest takeover battle in the financial-services industry.

The Royal Bank-led group offered 39 euros a share, with 70 percent in cash and 30 percent in stock, the companies said in a statement today. The group said its approach is 13 percent higher than the all-stock bid ABN Amro accepted from Barclays Plc two days ago. Barclays's bid was worth 67 billion euros at the time.

The fight for control of Amsterdam-based ABN Amro, which has branches in 53 countries, centers on its LaSalle unit in Chicago. ABN Amro and Barclays elbowed Royal Bank Chief Executive Officer Fred Goodwin aside by agreeing to sell LaSalle to Bank of America Corp. for $21 billion. Goodwin said today that LaSalle will be a "major piece" of any bid.

The numbers here are staggering. Let's see if Barclays makes a move.

Posted by edelfenbein at April 25, 2007 3:32 PM