Barclays ups offer for ABN Amro

Barclays bank has increased its offer for Dutch banking group ABN Amro after agreeing a €13.4bn investment package with the Chinese and Singaporean governments, the British bank said in a statement on Monday morning.

The China Development Bank and Temasek, the investment arm of the Singaporean government, have agreed to put €3.5bn into Barclays unconditional on the outcome of the proposed takeover of ABN Amro. A further €9.8bn is conditional on the deal going ahead.
Barclays has revised its offer for ABN Amro to €67.5bn, of which €24.8bn is in cash.
A consortium of three other banks is also vying for ABN Amro and has offered €71bn, in a largely cash deal.
More to follow

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