$101B battle for ABN drawing to a close
Group led by Royal Bank of Scotland is expected to close biggest bank deal ever, according to report.
LONDON (CNNMoney.com) -- The $101 billion battle for Dutch bank ABN Amro, the biggest banking buyout ever, is coming to a close, according to a published report.
The win would bring an end to the ABN takeover saga, which pitted British bank Barclays (Charts) against a consortium made up of Royal Bank of Scotland, Belgian-Dutch group Fortis and Spanish bank Santander.
The battle for ABN began in the spring, during the height of the merger boom. ABN and Barclays announced a deal in April and the group led by RBS quickly made a rival offer.
On Friday, Barclays withdrew its $84 billion takeover offer, paving the way for RBS to close the deal, according to the Associated Press.