Barclays ups ABN bid to $93.3B

LONDON, July 23 (UPI) -- Barclays PLC upped its bid for Dutch bank ABN Amro Holding NV to $93.3 billion, with investment help from China and Singapore, the British bank said Monday.

The $4 billion increase, with China Development Bank and Temasek Holdings, leaves Barclays' offer short of the $98.1 billion bid by a European bank consortium led by Royal Bank of Scotland PLC.

To sweeten its bid, Barclays also changed its all-stock offer to 37 percent cash, making Barclays offer $59 billion in stock and $34 3 billion in cash, the bank said.

As for the $4.8 billion between its offer and RBS's, Barclays said it expected its rising share price would close the gap.

Barclays shares rose 35 cents, or 2.38 percent, to $15.03 in mid-afternoon trading on the London Stock Exchange. A stock price of $16.46 would make Barclays bid the same value as that of the RBS group, which also includes Spain's Banco Santander and Dutch-Belgian bank Fortis NV.

China Development and Temasek made their investment by buying roughly $5 billion in Barclays shares, Barclays said.

ABN and RBS had no immediate comment on the new Barclays offer.