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(Source: Times online)
Standard Chartered has become a takeover target after the biggest lender in the United Arab Emirates confirmed it had been considering a multibillion-pound bid for the FTSE 100 bank.
Shares in Standard Chartered rose by up to 20 per cent yesterday after it emerged that First Abu Dhabi Bank had looked at an offer for the London-based group but was no longer pursuing the idea.
A deal would have created an emerging markets-focused banking giant with assets of more than $1 trillion, although it would have been tricky to pull off given the scrutiny such it would have attracted from regulators.
However, the aborted bid highlights Standard Chartered’s vulnerability to a takeover.
Me12345: you must have been a wisker away from your shares being bought. Google says the day high was 797p (buy price).
Hang on to your hats. This will get others sniffing. I have always felt it is ripe for a takeover by someone wanting a readymade presence in the potentially fastest growing market in the world, once this covid business is behind us.
It certainly is the biggest holding in our Portfolios, bought at £4.89
NP, good to get clarity on it, G**gle had nothing on it when SP went ballistic (ish !)
First Abu Dhabi Bank PJSC ("First Abu Dhabi Bank") notes recent press speculation in relation to Standard Chartered PLC ("Standard Chartered", or the "Company"). First Abu Dhabi Bank confirms that it had previously been at the very early stages of evaluating a possible offer for Standard Chartered, but as of the date of this announcement, is no longer doing so.
RNS says no longer evaluating a possible offer
no you are right. They are no longer interested.
sorry if misreported on pulled out bit, a m8 sent me a one liner on it
Just goes to show how cheap banks have been.Had a sell price at £7.95 but think these will pass that anyway bid or no bid gl
This is huuuugggeeee!
Bloomberg - https://www.bloomberg.com/news/articles/2023-01-05/first-abu-dhabi-bank-is-said-to-explore-standard-chartered-bid
First Abu Dhabi Bank PJSC has been exploring a bid for Standard Chartered Plc, according to people familiar with the matter, in what would be a complex deal aimed at building an emerging markets lender with more than $1 trillion of assets.
The Middle East’s largest bank has been considering a full takeover of the London-based lender, the people said, declining to be identified as the deliberations are private. FAB, as the bank is known, has been assessing Standard Chartered for more than six months and is working with advisers, the people said.
The Gulf lender may also consider other deal structures, such as an acquisition of parts of the UK-based firm, one of the people said. FAB could decide not to proceed with any deal, given the significant hurdles and complexities of the transaction, they said. Representatives for FAB and Standard Chartered declined to comment.
If a deal does go ahead, it would be the biggest foreign takeover by a company in the Gulf region and one of the largest bank mergers in the past decade. Standard Chartered is worth about $23.1 billion, compared with FAB’s $51.9 billion valuation.
They have not pulled out.
First A D Bank being reported in the press
supp there is an RNS somewhere (not seen it) about a AD bank wanting to purchase but they have pulled out
Ok what happened here today then???
WOW
The market takes "a nose dive" and Standard hits the leader board with significant rise in sp.. One off freak or something happening ?
Yes on the surface all looks pretty good, I was tempted to add on the dip, but the China property exposure and the fact that China itself has become a bit of a pariah has given me pause for thought.
Everything is going well, beats all expectations and the the share price still goes down 1%.
It is a quality invetment and I am in for the long term.
A few people seem set on trying to destroy this country including some (not all) of the unions and some older politicians. It will be a shame if hsbc and standard chartered decide to leave the country. I think somebody will merge with standard chartered and buy the business.
Compared to other businesses organisations executives I think these are well run quality businesses. I think the uk should be getting stronger links and maybe countries learn from other countries better that way than just throwing insults.
Sike! I cannot believe we are down on a day like today.A reminder to the board and the CEO to not pay themselves the $$$ but t look after the shareholders.
Very good results, happy with the dividends (considering where we were) and the buy back announcement is a bonus. Buy and Hold.
Marshall Wace have been steadily reducing. I am expecting a steady rise to 750p for STAN in the next month or so. Asia is slowly bouncing back post covid and STAN is due to ride that rise.
Goldman Sachs raises HSBC price target to 800 (710) pence - 'buy'
Goldman Sachs raises Standard Chartered price target to 1,030 (945) pence - 'buy'
No The sell oprtion works as follows.
A person buys a share. eg you. You are entitled to any dividend or benefit of ownership.
The share is usually held by a nominee. So you do not phusically register the share in your name, although you can.
A hedge fund comes along and thinks the share is going to fall in value so the middleman who is holding your shares
says if you are so convinced it is going to fall in value sell the shares now and buy them back in say 6 months.
So the middleman sells the hypothetical shares now knowing that he holds your shares which he can buy back in 6 months. If the company pays a dividend in that 6 months the options holder has to pay the didvidend to the middleman who the shares. In 6 months time the sell option holder closed the contract and the middleman goes top the market to buy shares on behalf of the option holder so that he can give back the shares that he had borrowed and sold 6 months ago.
Thanks for the info. The thing is, I’m still a bit confused as to the mechanics. I am easily confused. As I understand it, someone who borrows shares to short them, immediately sells them. The owner remains the same person who owned them in the first place. Don’t they receive the dividend or does the short seller receive the dividend and then has to pay it to the owner?