ABN Amro always assumed that it would be on the attacking end of a takeover bid, not on the receiving end of one. For that reason, Rijkman Groenink, its chief executive, had for years spearheaded a vigorous campaign to stop nationalistic European politicians from blocking cross-border mergers. This week he was caught in a trap that was partly of his own design. On April 23rd, days after the European Commission ordered Dutch regulators out of the way, ABN capitulated to a ?66 billion ($90 billion) takeover bid from Britain's Barclays, in what could be the biggest banking merger ever. Then, two days later an even bigger potential offer blew in from a European consortium led by Royal Bank of Scotland (RBS), which aims to dismember ABN. This one verged on hostility, setting the stage for what could be the biggest and most bruising takeover battle in banking's history.
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