Aldar, Sorouh reportedly agreed on merger proposal, shares jump near limit up
- United Arab Emirates: Tuesday, January 08 - 2013 at 14:09
The ADX General Index gained half a percentage point to close at 2,721.33 points. Sorouh Real Estate gained the most (up 14.5%), followed by Aldar Properties (13.57% higher at Dhs1.59). Earlier in the day, Al Arabiya TV reported the two top developers in Abu Dhabi have reached an initial agreement to merge, whilst a final deal is expected to be signed in coming weeks, "three people familiar with the matter" told Reuters. The planned merger, which both sides announced in March 2012, would bring property assets worth Dhs47bn ($12.8b) under the roof of one developer.
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