Battle for ABN Far From Over

The consortium led by Royal Bank of Scotland has a lead over Barclays in its bid for ABN Amro because it is making a sweeter offer, with a higher-than-expected cash component. But do not exaggerate it. For one thing, there is likely to be no neat or quick resolution to the future of ABN Amro's US unit LaSalle Bank. The outcome of this takeover fight to a large degree rests in the hands of the Dutch courts and how hard-nosed Bank of America plans to be in its battle to buy LaSalle.