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3 European banks bid for ABN AMRO

LONDON: Three European banks led by Royal Bank of Scotland launched a blockbuster 72-billion-euro takeover battle for Dutch group ABN AMRO on Wednesday, outgunning by far an agreed offer by Barclays.

The RBS consortium, backed also by the Dutch-Belgian group Fortis and Banco Santander of Spain, proposed a record bid worth $98.4 billion, eclipsing Barclays' offer by about five billion euros.

ABN AMRO on Wednesday confirmed that it had received a letter from Royal Bank of Scotland, Banco Santander and Fortis in which an indicative price per share was mentioned for the first time in relation to a potential transaction with ABN AMRO. — AFP

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