BofA appeals LaSalle ruling to Dutch high court

Bank of America Corp. has appealed to the Dutch Supreme Court a ruling that blocked its acquisition of ABN Amro Holding NV’s Chicago-based LaSalle Bank, Bloomberg News said.
ABN Amro had agreed to the $21 billion deal on April 23, the same day U.K.-based Barclays Plc announced it would buy ABN Amro for about $88.4 billion. A $98 billion rival bid for the parent company – by Royal Bank of Scotland Group Plc., Santander Central Hispano SA and Fortis, who plan to split up the company – is contingent on LaSalle’s inclusion in the deal. But that bid was rejected by ABN Amro on May 7.
The LaSalle sale was frozen on May 3 by the Amsterdam Court of Appeals because ABN Amro had failed to obtain shareholder approval. But Charlotte, N.C.-based Bank of America told the Dutch Supreme Court that such approval was not needed, and questioned whether Dutch law should apply.
ABN Amro has said it also will appeal the lower court’s ruling. The Supreme Court has said it expects to make its decision in three or four months.

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