Standard Chartered’s bid for the UK is ‘not being evaluated’, repeats Abu Dhabi’s FAB

FAB in Abu Dhabi reiterates

FAB in Abu Dhabi reiterates that it is “not evaluating”

Dubai: In a statement released on the ADX and Hong Kong stock exchanges, Abu Dhabi mega-bank FAB maintained that it is “not reviewing” a potential offer for UK’s Standard Chartered at this time.

The FAB revelation follows renewed rumors that it was planning to make a $35 billion offer to acquire Standard Chartered. The statement read, “First Abu Dhabi Bank PJSC declared on January 5, 2023 that it was no longer exploring a potential offer for Standard Chartered plc, having previously been at the very early stages of doing so.”

“First Abu Dhabi Bank PJSC reiterates that it is not reviewing any potential offers and takes note of recent press speculation regarding Standard Chartered. In light of this, First Abu Dhabi Bank and anybody working on its behalf are subject to the limitations set forth in Rules 2.8 of the UK Code and 31.1(c) of the Hong Kong Code on Takeovers and Mergers.”

The right to announce an offer or potential offer for Standard Chartered is also reserved by First Abu Dhabi Bank and anyone acting in concert with it.

Or take part in a proposal or potential proposal’ for the UK bank, FAB continued.


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