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First Abu Dhabi Bank PJSC is pressing ahead with a potential $35 billion offer for Standard Chartered PLC, according to Bloomberg reports on Thursday. Standard Chartered was the top FTSE 100 performing stock on Thursday morning, rising 9.4% to 753.70 pence each. Bloomberg said FAB’s proposed acquisition of the London-based lender was still in play, after a move to put earlier takeover plans on hold ‘didn’t halt its ambitions to become a global financial powerhouse’. https://www.bloomberg.com/news/articles/2023-02-09/standard-chartered-is-still-in-play-with-fab-s-operation-foxtrot It added FAB is worth around twice as much as Standard Chartered and is considering an all-cash bid in the range of $30 billion to $35 billion. Standard Chartered’s market value is around $24 million, compared to FAB’s $43 billion, Bloomberg said, claiming the recent drop in the British pound adds to Standard Chartered’s attractiveness, trading at just 0.56 times its book value. FAB officials are reportedly working under the radar on a possible bid, codenamed Silver-Foxtrot, once a cooling off period required by UK takeover rules elapses, according to Bloomberg sources. Wall Street veteran Ken Moelis is working closely with FAB executives, key members of Abu Dhabi‘
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