Barclays is raising its offer for ABN AMRO to US$93.1 billion with the help of two financial partners in Asia.
Still, the friendly bid is below the $98 billion hostile offer from a consortium comprised of RBS, Fortis and Santander.
China Development Bank and Singapore’s Temasek Holdings have agreed to buy shares in the British bank to help finance the bid. Both firms will increase their holdings if the offer prevails.
ABN says it has received the revised bid from Barclays and it “welcomes the opportunity for shareholders to consider two competing proposals on a level playing field.”
If Barclays and ABN are to combine, it would create the world’s largest institutional asset manager. The RBS-led group intends to break up the Dutch bank.
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