Bang! ABN’s defence strategy just blew up in its face. The decision by a Dutch court to require a shareholder vote on the sale of LaSalle to Bank of America is a big blow. It supports the critics’ view that the deal was not a brilliant ruse, designed to create price tension by tempting in a US buyer, but rather a poison pill aimed at deterring Royal Bank of Scotland.

That does not necessarily mean that RBS and its allies, Santander and Fortis, will now swipe the prize with their proposed offer, worth €38 per share. For one thing, BofA could respond with a blitzkrieg of legal action in an attempt either to enforce the contract or demand damages. The potential liability or delay might be onerous enough to put off the RBS consortium or even persuade ABN shareholders that the sale of LaSalle to BofA is their only choice.