Barclays was trying urgently to renegotiate the terms of its £7bn fund raising on Wednesday night following a bitter shareholder revolt over the terms offered to its Middle Eastern investors, The Telegraph reports.
John Varley, Barclays' chief executive, was locked in talks with the investors from Qatar and Abu Dhabi to try to persuade them to agree to a reduction in their return to stave off a full-scale rebellion which could lead to investors voting against the capital raising at a meeting on November 24. At the same time, the Middle Eastern group were becoming increasingly angry at Barclays' attempt to renegotiate the contract. One source close to the deal said: "Abu Dhabi and Qatar have a legally binding agreement. They are angry that this could be changed on a whim and we are worried they will ...
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