In a statement released on the ADX and Hong Kong stock markets, Abu Dhabi mega-bank FAB maintained that it is ‘not exploring’ a prospective offer for UK-based Standard Chartered.
The FAB revelation follows renewed rumours that it was planning to make a $35B offer to acquire Standard Chartered. “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. However, it can only happen if:
•with the approval of the Standard Chartered board;
•in the event that a third party declares their desire to make a bid for the UK bank;
•If Standard Chartered announces a reverse takeover (as defined in the UK Code), a Rule 9 waiver proposal for the purposes of the UK Code, or a “whitewash” plan for the purposes of the HK Code;
•If there has been a significant change in the situation (as determined by the Panel on Takeovers and Mergers and the Takeovers Executive of the Securities and Futures Commission of Hong Kong).
