April 23, 2007 |
Bank of America Corp. agreed to buy Dutch bank ABN Amro Holding's U.S. unit, LaSalle Bank Corp., for about $21 billion, making it the largest bank in Chicago, a person with direct knowledge of the situation said. The purchase would fill one of the few remaining holes in Bank of America's sprawling branch network, the nation's most extensive.
May 24, 2005 |
The National Assn. for Business Economics trimmed its projection for U.S. economic growth this year to 3.4% and raised its inflation forecast because of higher energy prices and labor costs. The growth forecast, based on a survey of 50 economists, compares with 3.6% projected in February and actual growth of 4.4% in 2004. The economists also cut their second-quarter growth forecast to 3% from the 3.7% they projected in the February survey.
May 8, 2007 |
Dutch banking firm ABN Amro said it would let shareholders decide between a hostile 71.1-billion euro ($96.4 billion) mostly cash takeover offer from a group of banks led by Royal Bank of Scotland and a friendly all-share bid by British bank Barclays worth about 64.2 billion euros ($87.1 billion). Amsterdam-based ABN said it had received the Royal Bank of Scotland bid Saturday, but could not recommend it because RBS had also made a separate $24.5-billion offer for ABN's Chicago-based U.S.
May 30, 2007 |
ABN Amro received an industry record takeover bid of 71.1 billion euros ($95.5 billion) Tuesday from a group led by Royal Bank of Scotland, but its shares slipped as the Dutch bank's earlier decision to sell its U.S. arm to Bank of America Corp. still clouded prospects for a quick deal. The mostly cash offer by the RBS-led consortium of 38.40 euros ($51.59) a share is about 10% higher than the bid on the table from Britain-based Barclays.
April 26, 2007 |
Bidding for one of the largest takeovers in corporate history escalated Wednesday as a group led by Royal Bank of Scotland said it planned a bid worth almost $100 billion for ABN Amro that tops Barclays' offer by more than 10%. Shareholders immediately pressured ABN to commit to accepting the highest bid, ahead of the Dutch bank's annual shareholders' meeting today, and analysts said the key battleground was LaSalle Bank Corp. in the U.S.
July 20, 2007 |
Bank of America Corp. recorded another profitable quarter Thursday, but gave investors reason to worry as it fattened its provisions for loan losses, an indication that it sees lending risks growing. Bank of America, the No. 2 U.S. bank by assets, reported a 5% rise in second-quarter earnings from growth in capital markets activity and consumer fees, offsetting an increase in credit losses. But its provision for credit losses ballooned 79.2% to $1.81 billion, up from $1.