Barclays raises offer with Asian backing

By Fund China
Published: 15:35, July 23rd, 2007

By Reuters

Britain’s Barclays has raised its offer for ABN AMRO to 67.5bn euros ($93bn) and included a cash element as it seeks to regain the initiative in the world’s biggest bank takeover battle.

Barclays said on Monday its new bid was 42.7bn euros in shares and 24.8bn euros in cash, up from its previous all-stock offer of around 65bn euros.

However the new offer, which has been helped by a big investment in Barclays from China Development Bank and Singapore’s Temasek, is still below a 71bn euro bid from a group of European banks led by Royal Bank of Scotland.

Copyright Fund China 2008.

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