Law360, New York (August 16, 2007, 12:00 AM EDT) -- Though Barclays Plc may have already received regulatory approval to purchase Dutch bank ABM Amro NV, the consortium of banks challenging the British lender's bid remains undeterred. The group of financial institutions has formally submitted its takeover plan to the European Commission, hoping to receive antitrust clearance.
The banks, including Spain's Santander, Belgian bank Fortis and the Royal Bank of Scotland submitted their $95.67 billion buyout proposal on Wednesday. The consortium's bid eclipses the Barclays' $82.3 billion offer.
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