Barclays Bumps up Bid for ABN Amro to $93.1 Billion
July 23rd at 11:09am by Tom Lydon
Exchange traded fund (ETF) provider Barclays has increased its purchase offer for ABN Amro from an all-share offer of $46.7 billion to $93.1 billion against a rival bid from the Royal Bank of Scotland. Two Asian financial partners helped Barclays with the new offer. The Royal Bank of Scotland’s most recent offer sits at $97.8 billion. Barclays is the largest ETF provider, covering 71% of the market.
Either offer, if it goes through, would be the largest purchase in financial history, according to the Associated Press.
All of the players’ stocks rose after the offer increase was announced. ABN Amro said in a statement that it received the offer and "welcomes the opportunity for shareholders to consider two competing proposals on a level playing field."
