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Trio's ABN offer ready by mid-July

Royal Bank of Scotland, Santander and Fortis expect to issue offer documents in relation to their €71 billion bid for Dutch bank ABN Amro by mid-July.

The three banks are seeking to overturn an agreed all-share bid for the Dutch bank by  Barclays, worth about €64 billion.

'The banks remain convinced that their proposed offer represents superior value for ABN Amro shareholders,' the consortium said.

They added that extraordinary general meetings of their shareholders to vote on the potential deal would be held by the first half of August.

But the key issue for all the parties is a ruling by the Dutch Supreme Court expected by mid-July over the suspended sale of Chicago-based bank LaSalle, which ABN agreed to sell to Bank of America in April in a side deal to the Barclays merger.

Barclays' offer for ABN is conditional on LaSalle's being sold, while the RBS consortium's offer is conditional on LaSalle's remaining part of ABN.