Abu Dhabi's FAB repeats that it is 'not evaluating' a bid for UK's Standard Chartered
Speculation had risen again that the Abu Dhabi mega-bank is planning a bid
Dubai: Abu Dhabi mega-bank FAB has once again reiterated it’s ‘not evaluating’ a possible offer for UK’s Standard Chartered for now, in a statement posted on ADX and Hong Kong stock exchanges.
The FAB announcement comes after speculation mounted once again that it was aiming for a takeover of Standard Chartered through a $35 billion bid. "First Abu Dhabi Bank PJSC announced on 5 January 2023 that it had previously been at the very early stages of evaluating a possible offer for Standard Chartered plc, but was no longer doing so," said the statement.
"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. Accordingly, First Abu Dhabi Bank, and any person acting in concert with it, is bound by the restrictions under Rule 2.8 of the UK Code and Rule 31.1(c) of the Hong Kong Code on Takeovers and Mergers."
At the same time, "First Abu Dhabi Bank, and any person acting in concert with First Abu Dhabi Bank, reserves the right to announce an offer or possible offer' for Standard Chartered. "Or participate in an offer or possible offer' for the UK bank, FAB added.
But that can happen only:
- with the agreement of the board of Standard Chartered;
- if a third-party announces a firm intention to make an offer for the UK bank;
- If Standard Chartered announces a Rule 9 waiver proposal for the purposes of the UK Code, or a 'whitewash' proposal for the purposes of the HK Code, or a reverse takeover (as defined in the UK Code); and
- If there has been a material change of circumstances (as determined by the Panel on Takeovers and Mergers and the Takeovers Executive of the Securities and Futures Commission of Hong Kong).
More to follow...