First Abu Dhabi Bank pressing ahead with offer for StanChart - report
Standard Chartered surged on Thursday following a report that First Abu Dhabi Bank is pressing ahead with a potential offer for the bank.
Standard Chartered
09 February 2023 09:21:35
Source: Sharecast
According to Bloomberg, under the code name Silver-Foxtrot, officials at the Abu Dhabi bank are working under the radar on a possible bid once a cooling off period required by UK takeover rules elapses.
Sources said FAB recently completed due diligence on the London-based lender and that any deal would be dependent on market conditions and the performance of Standard Chartered’s share price.
The bank, which is worth about twice as much as Standard Chartered, was said to be exploring an all-cash bid of in the range of $30bn to $35bn. Any acquisition would be funded by its backers, which include Abu Dhabi sovereign fund Mubadala Investment Co. and the emirate’s ruling Al Nahyan family, Bloomberg said.
At 0920 GMT, StanChart shares were up 9.5% at 754.20p.
If you're looking to grow your money over the longer term (5+ years), we have a range of investment choices to help.
Lloyds Bank is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.
Important legal information
Lloyds and Lloyds Bank are trading names of Halifax Share Dealing Limited. The Lloyds Bank Direct Investments Service is operated by Halifax Share Dealing Limited. Registered Office: Trinity Road, Halifax, West Yorkshire, HX1 2RG. Registered in England and Wales no. 3195646. Halifax Share Dealing Limited is authorised and regulated by the Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN under registration number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.
The information contained within this website is provided by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd unless otherwise stated. The information is not intended to be advice or a recommendation to buy, sell or hold any of the shares, companies or investment vehicles mentioned, nor is it information meant to be a research recommendation. This is a solution powered by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd incorporating their prices, data news, charts, fundamentals and investor tools on this site. Terms and conditions apply. Prices and trades are provided by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd and are delayed by at least 15 minutes.
Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.
