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First Abu Dhabi Bank says it is not currently evaluating offers for StanChart

First Abu Dhabi Bank says it is not currently evaluating offers for StanChart

SINGAPORE, Feb 10 (Reuters) – First Abu Dhabi Bank (FAB.AD) The United Arab Emirates’ largest bank (FAB) said on Friday it was not evaluating an offer for Britain’s Standard Chartered. (Stan.L).

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.

Standard Chartered shares rose 11% on Thursday after Bloomberg news Report Abu Dhabi Bank is considering resuming bids, offering $30 billion to $35 billion, after the expiration of a lock-up period preventing it from doing so immediately.

Based on Thursday’s closing price, Standard Chartered’s market capitalization was nearly $27 billion.

“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.

However, it added that it and related parties 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.

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Reporting by Anshuman Daga; Editing by Jacqueline Wong and Muralikumar Anantharaman

Our standards: Thomson Reuters Trust Principles.

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