Dutch banking group ABN Amro, which is at the centre of a huge European takeover battle, has signalled a shift in its stance over the sale of a key US asset.
ABN Amro had agreed to sell Chicago-based LaSalle Bank to Bank of America for $21 billion as part of an agreement with British bank Barclays to buy the Dutch group.
The US sale is seen by analysts as a 'poison pill' to deter three European banks led by Royal Bank of Scotland from launching a counter bid for ABN Amro, which they did on Wednesday with an offer of €72 billion.
ABN Amro then signalled a shift in its position, saying Bank of America would have to match any improved offer for LaSalle, but Bank of America urged the Dutch group to honour the agreement even if the deal with Barclays fell through.
This morning ABN Amro went further, saying it was now 'soliciting alternative bids from the largest US and international banks that may have an interest in LaSalle'.
Analysts say the RBS-led consortium wants to keep its hands on the Dutch group's key US asset and would oppose a sale if it won control of ABN Amro.
A consortium comprising Royal Bank of Scotland, Spain's Banco Santander and Dutch-Belgian group Fortis have proposed a €72 billion takeover for ABN Amro priced at €39 per share. The offer tops the rival €36.25 bid by Barclays that has been accepted by ABN Amro management.
