Netherlands Supreme Court Rules for ABN AMRO in LaSalle Bank Sale

The Netherlands Supreme Court has ruled that ABN AMRO’s sale of its LaSalle Bank subsidiary did not require prior shareholder approval as a principle of proper Dutch corporate governance. The court said that the board of directors must put the interest of the company and the enterprise connected therewith first. The fact that the shareholders aim at selling their shares at the highest possible price involves no obligation for the board of ABN AMRO to obtain the shareholders' approval of the sale of LaSalle, nor does such an obligation arise from the prevailing views of the law in The Netherlands. ABN AMRO Holding, NV v. VEB