Fortis wins initial approval for ABN purchase

(Reuters) - Fortis, Royal Bank of Scotland and Spain's Santander have offered 71 billion euros , mostly in cash, for the Netherlands' largest bank in a bidding war that has featured legal and stakeholder battles.




Approval by Fortis shareholders of its proposed purchase of ABN AMRO's Dutch operations and of a 13 billion euro rights issue needed to finance its part of the deal would give the RBS-led consortium a boost at a time when the rival Barclays bid is suffering from the decline of its share price.


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Dutch Supreme Court begins delivering ABN ruling

(Reuters) - A commercial court in Amsterdam froze ABN's agreed deal to sell LaSalle to Bank of America for $21 billion in May, a ruling that is now being appealed before the Supreme Court by ABN.




The court had ruled that ABN would have to seek shareholder approval for the LaSalle sale, which could sway the acrimonious takeover battle for ABN between Barclays and a consortium led by Royal Bank of Scotland .


Read more at Reuters.com Mergers News

RBS close to Sempra Commodities takeover -source

(Reuters) - By Humeyra Pamuk



LONDON, June 19 - Royal Bank of Scotland , Britain's second largest bank, is close to a deal to buy trading firm Sempra Commodities, owned by U.S.-based Sempra Energy , a source told Reuters on Tuesday.


Read more at Reuters.com Mergers News

Spanish Banks Demand Realtor Inmobiliaria Colonial Pays More for Loan

(Bloomberg) -- Banks demanded that Inmobiliaria
Colonial SA pay more interest to borrow 7.2 billion euros ($9.7
billion) because of the risk Spain's second-largest developer
will be hurt by a slump in property prices.

Colonial will have to pay more than a 1.25 percentage-point
premium over inter-bank rates because underwriters led by
Goldman Sachs Group Inc. and Royal Bank of Scotland Group Plc
can't find enough loan investors, two people involved in the
negotiations said. Chairman Luis Portillo may have to repay part
of the five-year loan after three years, said one of the people.


Read more at Bloomberg Bonds News

Norwegian Krone to Extend Gains on Outlook for Growth and Rates, Says RBS

(Bloomberg) -- Norway's krone may extend gains versus
the euro on speculation quickening inflation will force the
central bank to quicken the pace of interest-rate increases,
according to strategists at Royal Bank of Scotland Plc.

The krone, which reached a two-week high today, will benefit
as the economy heads for a fourth year of ``booming growth'' and
rising oil prices stoke demand for Norway's assets, strategists
Mikael Nilsson and Paul Robson wrote in a note to clients.


Read more at Bloomberg Currencies News