Aldar, Sorouh approve merger
- United Arab Emirates: Monday, January 21 - 2013 at 04:40
The boards of Abu Dhabi's biggest real estate developers Aldar Properties and Sorouh Real Estate, have approved a state-backed merger of the firms through a share swap, Reuters has reported, citing sources familiar with the matter. "The boards have officialised it and will soon be calling an extraordinary general meeting of shareholders for approval," one of the sources said. "The next step is to seek shareholder approval but it's pretty much a done deal now. If you look at shareholders on either side, most of the big ones are in approval of the deal," said a second source. With the support of the Abu Dhabi government, which owns a major stake in Aldar, managements of the two companies had held discussions for nearly a year on asset valuations, financial terms and the new management structure.
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