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First Abu Dhabi Bank PJSC on Thursday said it is no longer evaluating a takeover offer for FTSE 100-listed Asian-focused bank Standard Chartered PLC.
Shares in Standard Chartered rose about 20% following reports of the takeover offer. On Thursday afternoon, the company’s shares were up 6.7% at 704.40 pence each.
First Abu Dhabi Bank is a bank in the United Arab Emirates.
On Thursday, First Abu Dhabi Bank said it had previously been at the very early stages of evaluating a possible offer for Standard Chartered, but is no longer doing so.
Under Rule 2.8 of the UK Code and Rule 31.1, First Abu Dhabi Bank reserves the right to announce an offer or possible offer for the company within six months.
By Sophie Rose; Alliance News reporter
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