ABN Amro wins permission to sell LaSalle

The Dutch Supreme Court has ruled that Dutch bank ABN Amro does not require shareholder approval to sell US arm LaSalle to Bank of America (BoA).

The ruling pushes Barclays one step further to having its $80bn (£39.37bn) bid to acquire ABN Amro accepted.

Earlier this year (3 May) The Lawyer reported that Dutch investor group VEB brought a case against ABN Amro arguing it could not proceed with the $21bn (£10.33bn) sale of the US operations because it required shareholder approval.

VEB, advised by Pels Rijcken & Droogleever Fortuijn, argued that ABN Amro wanted to sell LaSalle so as to discourage a rival consortium bid to Barclays.

The sale of LaSalle was announced on the same day that ABN Amro agreed to a takeover for £45.5bn by Barclays.

Davis Polk & Wardwell and Chicago firm Vedder Price was advising LaSalle, while BoA was advised by Watchell Lipton Rosen & Katz and Loyens & Leoff.

For the potential acquistion, ABN Amro instructed Allen & Overy, Davis Polk and Nauta Dutilh. Barclays is being advised by Clifford Chance and Sullivan and Cromwell.