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First Abu Dhabi Bank not currently evaluating offer for StanChart

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A First Abu Dhabi Bank PJSC office building in Abu Dhabi, United Arab Emirates, on Nov. 24, 2022.

Christopher Pike | Bloomberg | Getty Images

First Abu Dhabi Bank, the United Arab Emirates’ biggest lender, said on Friday it was not currently evaluating an offer for Britain’s Standard Chartered.

News of the potential offer first came on Jan. 5, when FAB said it had considered a bid for London-listed Standard Chartered but was no longer doing so.

StanChart’s shares rose by 11% on Thursday after Bloomberg News reported that the Abu Dhabi lender is considering reviving the bid once a lock-up period that prevents it immediately doing so expires, offering $30 billion to $35 billion.

StanChart had a market value of nearly $27 billion, based on Thursday’s closing price.

“First Abu Dhabi Bank PJSC notes the recent press speculation in relation to Standard Chartered and re-iterates that it is not evaluating a possible offer for Standard Chartered,” the lender said in Friday’s statement.

It, however, added that it and related parties reserve “the right to announce an offer or possible offer for the company or make or participate in an offer or possible offer for the company,” within six months of the date of this announcement.

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James Thomas
James Thomashttps://businessadvise.org
Hello, I am James Thomas blogger and content creator who specializes in personal finance and investing at Business Advise. I have been writing for over 5 years and have built a large following of readers who value practical advice and actionable tips. I'm committed to helping people take control of their financial futures and achieve their goals.

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