RBS/ABN books: Dutch Auction

Has ABN Amro really discovered the merits of an auction? The Dutch bank has agreed to open its books to the consortium of banks now challenging ABN’s agreed E66bn offer from Barclays with a higher bid. That looks like a dramatic change of heart - although arguably the Dutch bank didn’t really have a choice. Failure to allow Royal Bank of Scotland, Santander and Fortis access to its books would have left investors furious - and guaranteed one of the worst days in his life for chief executive Rijk...