RBS-led group bids $95.7 bn for ABN AMRO

A consortium led by Royal Bank of Scotland unveiled a 71.1 billion euro ($95.7 billion) bid for ABN AMRO that included its disputed U.S. bank and a higher cash component than indicated.

The group of banks said on Tuesday their offer was worth 38.40 euros per ABN share -- 30.40 euros in cash plus 0.844 new shares in RBS.

The consortium of RBS, Fortis and Santanderhas so far been rebuffed by ABN management, which has agreed to an all-share takeover by Britain's Barclays currently valued at 63 billion euros.

The banks said a condition of their offer is that the deal include the purchase of ABN's U.S. arm, LaSalle Bank, which ABN agreed to sell to Bank of America for $21 billion at the same time that it agreed to be taken over by Barclays.

Read more in The Economic Times article.