Wachtell joins action on ABN Amro sell-off

New York M&A behemoth Wachtell Lipton Rosen & Katz is the latest firm to profit from the approved £45.5bn merger between Barclays and ABN Amro.

Wachtell is representing Bank of America in its $21bn (£10.55bn) purchase of ABN Amro’s US operations, LaSalle. The operations are to be spun-off as part of ABN Amro’s merger agreement with Barclays. Corporate partner Edward Herlihy is leading the team at Wachtell.

ABN Amro is being advised by Allen & Overy (A&O), Davis Polk & Wardwell and Nauta Dutilh on the merger, with Davis Polk playing a lead role in the negotiations with Bank of America.

Barclays is being advised by Clifford Chance and Sullivan & Cromwell.

Under the terms of the merger, which were agreed late last night (22 April), the combined Barclays/ABN Amro entity will be known as Barclays Plc and headquartered in Amsterdam

Barclays will pay €36.25 (£24.67m) a share for ABN Amro, valuing the Dutch banking giant at €67bn (£45.59bn). The banks have agreed a break fee of $200m (£136m).

The deal may yet be scuppered by a rival consortium, made up of the Royal Bank of Scotland (RBS), Santander and Fortis, which was due to meet with ABN Amro this afternoon. It is understood that meeting has been delayed because of the merger agreement that was hashed out over the weekend.

The rival consortium has bridled at the move to sell off LaSalle but still thinks it can pay more for ABN Amro than Barclays.

The consortium is being advised by Linklaters, Slaughter and May, Willkie Farr & Gallagher and De Brauw Blackstone Westbroek, as first reported by The Lawyer (16 April).