As Barclays increased its bid for Dutch bank ABN Amro, Barclays President Bob Diamond stressed the strategic importance of its new partnerships, the newly introduced cash element of the deal and pinned the British bank's hopes of clinching the deal on the rising value of its shares.
"A key part of our deal will still be the Barclays' share price as we get closer to late August, early September,” Diamond told "Worldwide Exchange."
"We have to give it some time, we've made a number of announcements today, we announced very strong first-half earnings … we announced the revised offer for ABN Amro with a significant cash proportion … we've also announced a strategic partnership with the China Development Bank," Diamond said.
The new offer of 67.5 billion euros ($93 billion) was aided by investments of up to 13.4 billion euros ($1.93 billion) from China Development Bank and Singapore state investor Temasek Holdings.
Despite the extra investment, the sweetened offer remains below the rival proposal from a Royal Bank of Scotland-led consortium, but Diamond said "we maintain our confidence that we'll win this deal."
Diamond dismissed the possibility of raising the offer higher again if the bidding war escalates.
"We think today's announcement is the right announcement and we're not looking beyond that," he said.
"We want shareholders to understand this is a very strategic deal, Barclays and ABN, is not a bust-up strategy, it's not a domestic consolidation, it's really about unlocking value," he added.
Looking ahead, Diamond said earnings expectations for the combined group, if it were to go ahead, would beat current earnings expectations.
"We think the combination of ABN and Barclays will create a forward earning stream that is better than anticipated," he said.