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Revised RBS Bid Doesn't Take Barclays Out of Picture Just Yet

Royal Bank of Scotland, Banco Santander Central Hispano and Fortis have put their cards on the table. The consortium has made a formal &euro;71.1 billion ($95.7 billion) cash-and-share offer for ABN Amro, topping the agreed bid from Barclays by about 11%. It is progress, but some significant concerns haven't been fully addressed.

There are three advances. First, there is more cash. The new Royal Bank of Scotland-led offer has &euro;3 a share more cash than the May 4 conditional offer. But one euro a share will be held...