First Abu Dhabi Bank, the UAE’s largest bank, denied on Friday that it was currently evaluating an offer for British bank Standard Chartered.
News was received about the potential offer for the first time on the fifth of January, and the first Abu Dhabi announced at the time that it was considering making an offer to Standard Chartered, which is listed in London, but stopped considering the matter.
Standard Chartered shares jumped 11 percent Thursday, after Bloomberg News reported that First Abu Dhabi is considering renewing the offer once the freezing rules that prevent it from doing so immediately expire, and that the offer could range between $30 and $35 billion.
Standard Chartered is valued at about $27 billion, according to Thursday’s closing price.
“First Abu Dhabi Bank refers to recent press speculation regarding Standard Chartered, and reaffirms that it is not evaluating a potential offer for Standard Chartered,” the UAE bank said in a statement on Friday.
At the same time, he added, “First Abu Dhabi Bank and any person working in coordination with the bank reserves the right to announce an offer or a potential offer” for Standard Chartered within six months from the date of this announcement.
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