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Merger aspirants Aldar, Sorouh fall back on merger statements
- United Arab Emirates: Wednesday, January 09 - 2013 at 15:36
Contrary to most Asian, Arab and European markets, the Abu Dhabi bourse lost Wednesday, closing off 0.22% at 2,716.77 points. Abu Dhabi's two largest developers Aldar Properties and Sorouh Real estate declined in lockstep, ending down 5.70% at Dhs1.50 and Dhs1.49, respectively. Following media reports based on rumors published by Reuters from yesterday that a merger proposal was ready, both developers said earlier in the day they were in advanced talks. But both firms also played down expectations by saying that their boards of directors have yet to decide whether or not they will recommend their shareholders to go ahead with the merger. Aldar and Sorouh entered into merger talks in March 2012.
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Gérard Al-Fil, Financial JournalistWednesday, January 09 - 2013 at 15:36 UAE local time (GMT+4)
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