AMSTERDAM, Netherlands (AP) — A consortium led by Royal Bank of Scotland PLC is all but certain to acquire ABN Amro Holding NV in the largest takeover in the history of the financial industry, signalling the likely end for one of Europe's largest banks.

An $88.1 billion cash-and-share offer from rival Barclays PLC was withdrawn on Friday in a widely expected concession after the British bank garnered only a fraction of the Dutch bank's shares.

The RBS-led group is expected to cut up the 183-year-old ABN Amro in a $99.9 billion deal. Fortis NV of Belgium wants the bank's Dutch operations, Banco Santander Central Hispano SA of Spain wants its Brazilian and Italian arms, and RBS wants the rest, including ABN's investment banking arm.

Barclays was expected to keep the bank largely intact.

"It is not a surprise to see that the highest bid has eventually won," said Axel Pierron, an analyst at research and consulting firm Celent. "Nevertheless, I would say that beauty has lost against money.

"While the Barclays merger proposal was understandable, realistically implementable despite being expensive, the consortium chopping of ABN Amro might eventually become a structural nightmare."

The takeover fight, which began in March, lasted through the fire sale of ABN Amro's US arm, a flurry of lawsuits, legal challenges and turmoil in global credit markets that many thought would alter the deal substantially.

The consortium's higher bid emerged as the clear favourite in recent weeks as it cleared regulatory and funding challenges. Fortis — seen as the weakest link in the group— arranged financing for its end of the deal and received antitrust approval from the European Union this week.

Barclays said it would demand a 200 million euros ($280 million) break-up payment.

"This break fee will significantly exceed the costs that Barclays incurred" in launching its offer, the bank said.

ABN Amro issued a statement saying a little more than 5 million shares and depository receipts had been tendered to Barclays' offer — a sliver of the more than 1.9 billion shares outstanding.

The three banks are expected to formally announce victory today and may extend the offer, which expired on Friday, to allow shareholders more time.

Barclays' cash-and-share offer was considered a long shot for some time. Worth 62.2 billion euros ($88.1 billion), or 33.56 euros ($47.53) per ABN Amro share at current prices, it was 13 percent below the mostly cash RBS-led bid worth 38.04 euros ($53.88) per ABN share.

Some analysts have said Barclays may have to seek another partner or become a takeover target itself.