FACTBOX-What analysts are saying about the battle for ABN

LONDON (Reuters) - Three banks led by Royal Bank of Scotland (RBS.L) said on Friday they are ready to make an unsolicited offer for ABN AMRO AAH.AS, increasing pressure on ABN to consider an alternative to an agreed deal with Barclays.

The move by the RBS consortium, which includes Spain's Santander (SAN.MC) and Dutch-Belgian group Fortis (FOR.BR), follows a vote by ABN shareholders on Thursday backing a proposal by hedge fund TCI to break-up or sell the company.

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Here are selected comments from analysts on Friday.

BEAR STEARNS

"RBS and its partners Fortis and Santander have notified ABN AMRO that they intend to make an offer for the company. This appears to suggest that the consortium would be willing to launch a hostile bid if necessary, although it has invited the board of ABN AMRO to discuss its proposals. (...)

"It seems that RBS and its partners have no intention of withdrawing from the contest for the time being. We still view the outcome of the situation as finely balanced."

FOX-PITT, KELTON

"Following the AGM and the RBS hostile approach this morning we believe that the market will begin to worry about a longer drawn out affair in the fight for ABN AMRO, that could result in a bidding war between the two parties.

"On this basis we now believe that the market will start to mark down both Barclays and the consortium shares (with) notable pressure on RBS. We increasingly think that RBS is putting itself back in the acquisition sin bin which limits the potential recovery if it eventually walks away from the deal."

IXIS SECURITIES

"Some motions included at TCI's request have been adopted by the AGM and notably the main one formally requesting management to examine all disposal, merger or business break-up possibilities in order to maximize value for shareholders.

"The AGM adopted this motion although the Board was against and the CEO spent some time explaining that a break-up would weaken the bank. This meeting was thus a major snub for management."

EXANE BNP PARIBAS

"A Barclays-ABN AMRO combination is not the only option and we see an increasing probability that an alternative option could emerge.

"Not having access to the data room will probably not prevent the banks from mounting a counter-bid. The rationale is that: Barclays is a very credible bank which had plenty of time to do the due diligence while the consortium could most probably generate superior synergies."