{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='ABN Amro allowed to sell LaSalle bank to Bank of America' data-url='/boclips/videos/5c54bea2d8eafeecae13d211' data-video-url='/boclips/videos/5c54bea2d8eafeecae13d211' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nABN Amro allowed to sell LaSalle bank to Bank of America\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eThe Hague  1. Pan of media outside Dutch Supreme Court2. Wide of Supreme Court entrance 3. Close up sign reading \"Supreme Court, the Netherlands\"4. ABN Amro legal representatives5. Photographers taking pictures of shareholders...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eThe Hague  \u003cbr/\u003e1. Pan of media outside Dutch Supreme Court\u003cbr/\u003e2. Wide of Supreme Court entrance \u003cbr/\u003e3. Close up sign reading \"Supreme Court, the Netherlands\"\u003cbr/\u003e4. ABN Amro legal representatives\u003cbr/\u003e5. Photographers taking pictures of shareholders representatives\u003cbr/\u003e6. Peter Paul de Vries, director of the Dutch shareholder rights organisation VEB (centre)\u003cbr/\u003e7. Wide of Supreme Court judges\u003cbr/\u003e8. SOUNDBITE: (Dutch) Hans Fleers, Supreme Court judge:\u003cbr/\u003e\"The board of directors of ABN Amro are entitled to enter into an agreement with Bank of America regarding the sale of LaSalle. There should not be any uncertainty about the implementation of this agreement, especially as third parties' interests are involved at this stage. Even if we presume that the requirements of good governance mean that the the Board of Directors of ABN Amro Holding should have informed shareholders at a meeting about their intentions to sell LaSalle, nonetheless, their failure to inform does not influence the legitimacy of this transaction.\"\u003cbr/\u003e9. Wide of the Supreme Court judges\u003cbr/\u003e10. ABN Amro chief legal representative, Hein Hooghoudt, receiving congratulations\u003cbr/\u003e11. SOUNDBITE: (English) Hein Hooghoudt, ABN AMRO chief legal representative:\u003cbr/\u003e\"Totally, I think that is clear enough. It was a very clear decision.\"\u003cbr/\u003e12. Cutaway cameraman\u003cbr/\u003e13. SOUNDBITE: (English) Peter Paul De Vries, Director of Dutch shareholder rights organisation VEB:\u003cbr/\u003e\"Of course, I am disappointed. Everybody knows that this is a major transaction that should be brought to the shareholders' meeting. But there is, well, not enough substance in the Dutch law to uphold the decision of the chamber. I think Dutch law should be changed. And we think, well, selling a company for 21 billion (b) dollars in a clear take over battle is something you should not be able to do.\"\u003cbr/\u003e14. De Vries outside the Supreme Court\u003cbr/\u003e15. SOUNDBITE: (English) Frans van der Grint, Bank of America spokesman:\u003cbr/\u003e\"We are very pleased with this ruling of the Supreme Court obviously, which is completely what we hoped. And actually, we will now complete the transaction on LaSalle as soon as possible.\"\u003cbr/\u003e16. Acquisition and takeover analyst Hans Schenk reading court ruling \u003cbr/\u003e17. SOUNDBITE: (English) Hans Schenk, Acquisition and takeover analyst:\u003cbr/\u003e\"I would say, this is almost unbelievable because here we see now that the legal principles totally outrule (overrule) economic principles.\"\u003cbr/\u003eAmsterdam\u003cbr/\u003e18. Pan exterior of ABN AMRO headquarters\u003cbr/\u003eABN Amro's sale of its US arm LaSalle to Bank of America was lawful, the Dutch Supreme Court ruled on Friday - overturning a lower court's move blocking the sale and making the 21 billion (b) US dollar sale virtually certain to succeed.\u003cbr/\u003eIt was not immediately clear how the ruling would affect the broader fight between Barclays PLC and a consortium led by Royal Bank of Scotland PLC over competing bids for all of ABN Amro Holding NV.\u003cbr/\u003eBarclays has proposed to pay about 86 billion (b) US dollar in stock for ABN, which is the largest banking company in The Netherlands.\u003cbr/\u003eThe RBS consortium submitted a rival 95.6 billion (b) US dollar offer for ABN but said it was dependent on LaSalle remaining within ABN.\u003cbr/\u003eEither deal would be the largest takeover in banking industry.\u003cbr/\u003eRBS had sought a court ruling on the LaSalle sale, arguing that it should have been put to a shareholder vote.\u003cbr/\u003eBut the court said that shareholders' interests don't always come first.\u003cbr/\u003e\"Even if we presume that the requirements of good governance mean that the the Board of Directors of ABN Amro Holding should have informed shareholders at a meeting about their intentions to sell LaSalle, nonetheless, their failure to inform does not influence the legitimacy of this transaction,\" Supreme Court judge Hans Fleers rules in the Hague.\u003cbr/\u003eIn a statement, Barclays said it was \"pleased to see the Supreme Court has made a very clear ruling.\" But calls to RBS were not immediately returned.\u003cbr/\u003eBank of America spokesman Frans van der Grint said the ruling was \"completely what we hoped.\" \u003cbr/\u003e\"We will now complete the transaction on LaSalle as soon as possible,\" he added, without specifying a time frame.\u003cbr/\u003eHein Hooghoudt, chief legal representative for ABN AMRO, said the ruling \"was a very clear decision.\"\u003cbr/\u003ePeter Paul de Vries, director of the Dutch shareholder rights organisation VEB, expressed disappointment.\u003cbr/\u003e\"Everybody knows that this is a major transaction that should be brought to the shareholders' meeting. But there is, well, not enough substance in the Dutch law to uphold the decision of the chamber. I think Dutch law should be changed. And we think, well, selling a company for 21 billion (b) dollars in a clear take over battle is something you should not be able to do,\" he said.\u003cbr/\u003eUnder Dutch law - unlike US law - managers must take the interest of all \"stakeholders\" into account when making decisions.\u003cbr/\u003eAn analyst expressed surprise at the ruling.\u003cbr/\u003e\"This is almost unbelievable because here we see now that the legal principles totally outrule (overrule) economic principles,\" said acquisition and takeover analyst Hans Schenk.\u003cbr/\u003eBarclays has offered shares valued at 63 billion (b) euros (86 billion US dollar), or 34.05 euros (46.48 US dollar) per share at current levels for ABN. \u003cbr/\u003eThe RBS consortium's mostly cash offer is worth 70 billion (b) euros (95.6 billion US dollar), or 38.29 euros (52.27 US dollar) per share.\u003cbr/\u003eABN shares rose 0.6 percent to 35.55 euros (48.89 US dollar) on Friday, suggesting that considerable doubt continues as to which offer will prevail.\u003cbr/\u003eBarclays shares rose 1 percent to 725.5 pence (14.74 US dollar) on the London Stock Exchange, where RBS shares gained 1 percent to 641 pence (13.02 US dollar). \u003cbr/\u003eShares of RBS consortium member Fortis NV of Belgium gained 0.7 percent to 31.27 euros (43.05 US dollar).\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details 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