Monday, 23 July 2007

Barclays Bid

The ABN Amro bid from Barclays has been lifted today by the latter mentioned with backing from two Far Eastern investors and announced that first-half earnings rose by 14%. China Development Bank (CDB) and Temasek, respectively owned by the Chinese and Singaporean governments, are buying £2.5 billion worth of new Barclays shares and could purchase another £6.6 billion of its bid for ABN succeeds. The deal has enable Barclays to lift its offer for ABN to £46 billion. CDB, which was founded in March 1994 and is under the jurisdiction of the Chinese Government, has assets of £150 billion and has funded national projects, but earlier this year signalled that it wanted a broader investment approach. Temasek has an investment portfolio worth £38.9 billion in sectors including transport, real estate and energy.

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