RBS/ABN: LaSalle of the century

Rijkman Groenink has infuriated his shareholders by selling ABN Amro’s US bank, LaSalle, without their consent. This has certainly made it harder for Royal Bank of Scotland and its allies to challenge Barclays’ offer for ABN Amro. But it’s not impossible. Here’s how they might do it. The only way RBS can still buy the whole of ABN is by mounting a rival bid for LaSalle, for which Bank of America has already bid $21bn. This looks pretty daunting. If RBS tries, BoA can still win if it simply match...