Group claims victory in ABN takeover
Biggest banking deal comes to close as consortium led by Royal Bank of Scotland wins 86 percent of ABN Amro shares.
LONDON (CNNMoney.com) -- A consortium led by Royal Bank of Scotland claimed victory Monday in its takeover of Dutch bank ABN Amro, bringing an end to the biggest banking deal ever.
The group made up of RBS, Belgian-Dutch group Fortis and Spanish bank Santander said it held about 86 percent of of ABN Amro ordinary shares.
The RBS offer, which was valued as high as $101 billion, is the biggest banking deal on record. The bid was 93 percent cash.
Under the RBS takeover, ABN (Charts) will be broken up and its businesses will be split up among the members of the consortium.
The announcement from the RBS-led group comes after rival bidder Barclays formally withdrew its lower offer on Friday after failing to garner enough support from ABN shareholders.
The fight for the Dutch bank began in the spring, when an activist shareholder pushed for ABN to sell itself or break up its business.
A fierce bidding battle emerged between by Barclays - a suitor that would have allowed the Dutch bank to remain whole - and the RBS group.
But the credit turmoil that rocked the banking sector this summer hammered Barclays' stock, and RBS won the battle with its mostly cash offer.