Updated from April 22
wrapped up a $91 billion deal for Dutch bank
, capping weeks of speculation.
ABN also agreed to deal its Chicago-based LaSalle unit to
Bank of America
for $21 billion. Bank of America said Monday the net cost to it is $16 billion.
"In LaSalle, we see a compelling opportunity to fill in a key gap in our national franchise and build relationships with thousands of new customers in retail, private banking, wealth management and commercial and corporate banking," said Bank of America chief Kenneth D. Lewis. "LaSalle customers will share in the most extensive retail franchise in the nation, have access to a leading innovator in financial services and will benefit from Bank of America's commitment to the communities it serves."
Barclays will pay $49.25 a share for ABN, which closed Friday in New York at $49.29. In Europe Monday, ABN shares advanced 1% and Barclays gave back 2%.
The deal price represents a 33% premium to ABN's pre-chatter trading price, Barclays said. The companies will cut 13,000 jobs from the combined workforce of 217,000.