The Royal Bank of Scotland plc (“RBS”) has agreed the terms of a recommended cash offer for the entire issued and to be issued ordinary share capital of Euro Sales Finance plc (“ESF”), the European provider of sales finance, valuing the company at approximately Ј68 million.
The offer builds on The Royal Bank of Scotland’s stated desire for tactical acquisitions in Europe and the US. In June, it announced the purchase of Allstate’s German and Italian insurance business via its Direct Line subsidiary, and in July it confirmed the buyout of Virgin One in the UK and the $2bn cash offer for the retail banking operation of Mellon Bank in the US.
