Standard Chartered shares slump as First Abu Dhabi again says it’s not evaluating making an offer
Standard Chartered
STAN,
shares fell 5% — though were still well above Wednesday’s levels — after First Abu Dhabi Bank
FAB,
reiterated it’s not evaluating making an offer for the U.K.-listed bank. Standard Chartered shares had jumped 11% on Thursday after a report from Bloomberg News that First Abu Dhabi Bank was preparing a potential offer, of up to $35 billion. Takeover rules mean First Abu Dhabi can’t make an offer for six months, unless it has the agreement of the board, a third party announces its intention to bid, or other conditions are met.
