First Abu Dhabi Bank (FAB) has denied reports that it is set to bid for FTSE 100-listed lender Standard Chartered PLC (LSE:STAN).
The bank reiterated “that it is not evaluating a possible offer” for the FTSE 100-listed Asian-focused bank after a report on Bloomberg yesterday said FAB, which is worth about twice as much as Standard Chartered, was exploring an all-cash bid in the range of US$30bn to US$35bn, citing sources.
Bloomberg reported yesterday that: “Under the code name Silver-Foxtrot, officials at the Abu Dhabi bank are working under the radar on a possible bid once a cooling off period required by UK takeover rules elapses, according to people familiar with the matter."
But in a statement to the London Stock Exchange FAB denied this was the case.
In January, shares of Standard Chartered soared, and then fell in a matter of minutes, as FAB said it had been considering a move for the bank but had decided not to proceed at that time.