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SINGAPORE (Reuters) – First Abu Dhabi Bank (FAB), the largest lender in the United Arab Emirates, said on Friday it was not currently evaluating a takeover bid for Britain’s Standard Chartered, the second time it has withdrawn an imminent takeover bid. reports.
News of the potential bid first emerged on Jan. 5, when FAB said it had considered a bid for London-listed Standard Chartered, but no longer did so.
Shares in Standard Chartered fell nearly 5 percent in early trading on Friday after the statement, a day after Bloomberg reported that the bank was considering resuming its bid after a lock-up period that prevented it from doing so immediately expired. 11%.
“First Abu Dhabi Bank PJSC takes note of recent media speculation about Standard Chartered and reiterates that it will not be evaluating a possible bid for Standard Chartered,” the lender said in a statement on Friday.
Bloomberg reported that FAB is considering $30 billion to $35 billion in funding.
Standard Chartered, with a market capitalization of nearly $27 billion based on Thursday’s closing price, has been the subject of takeover rumors for decades, but a deal never materialized.
In its statement, FAB said it and affiliates reserve the right to “announce an offer or possible offer for the company, or to make or participate in an offer or possible offer for the company” within six months of the date of this announcement.
(Reporting by Anshuman Daga, additional reporting by Lawrence White in London; Editing by Jacqueline Wong, Muralikumar Anantharaman and Tomasz Janowski)
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