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Barclays Bank raises ABN Amro bid to $93.4bn

email this aricle - Barclays Bank raises ABN Amro bid to $93.4bn - 23 July 2007 print this article - Barclays Bank raises ABN Amro bid to $93.4bn - 23 July 2007
Barclays Bank has increased its buyout bid for ABN Amro to $93.4 billion, it has been confirmed.

The British bank's offer now includes a cash component equivalent to 37 per cent of the bid - up 4.3 per cent from its initial offer.

Barclays' improved bid has been facilitated through a cash injection from China Development Bank (CDB) which has pledged initial funding $3.04 billion and will provide a further $10.5 billion should the bid for the Dutch bank prove successful.

It is understood that the deal will see CDB take a seven per cent stake in Barclays.

Meanwhile, Tesmasek Holdings, the investment arm of the Singapore government, has pledged $1.93 billion, and a further $3.04 billion if the ABN Amro bid is accepted and will take a three per cent stake in Barclays.

The revised bid equates to $49.4 per share, meaning it remains lower than the rival offer tabled by the Royal Bank of Scotland-led consortium which stands at $53 per share.

The current offer from the consortium stands at $99 billion and is 93 per cent cash.

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