Aldar, Sorouh say due diligence on merger to take months
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Sun June 10, 2012 10:19 pm

UAE. Aldar Properties PJSC and Sorouh (SOROUH) Real Estate Co., Abu Dhabi’s biggest developers, said the due diligence process for a potential merger will “take a number of months.”

“A steering committee including representatives from Aldar and Sorouh has been formed to evaluate a potential merger,” the companies said in a joint statement to the Abu Dhabi bourse today. “A due diligence process is now under way to assess in detail the implications for all stakeholders and this process will take a number of months.”

Credit Suisse Group AG and Allen & Overy are advising Aldar, while Sorouh’s advisers are Morgan Stanley and Clifford Chance LLP. Goldman Sachs Group Inc. and National Bank of Abu Dhabi are advising the steering committee. Ernst & Young is providing accounting advise to the committee and Jones Lang LaSalle the valuation.

The two builders, part of Abu Dhabi’s drive to become a tourism and business hub, set up a team to study a possible merger with the “blessing” of the emirate’s government, which owns stakes in both, they said on March 11. The team was to present a plan in three months.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: November 18, 2017
UAE. ICA Conference in Dubai to address the importance of GCC sovereign wealth funds and the sharing economy; Leading analyst calls for a "Mini Marshall Plan" to help the Middle East push up economic growth and reduce dependency on commodities.
date:Posted: November 18, 2017
SAUDI ARABIA. Findings from the Global Youth Survey, undertaken by Populus on behalf of the Misk Foundation, revealed that more than half fear that are not sufficiently tech-savvy to access the opportunities that will arise from the rush of technological progress.
date:Posted: November 17, 2017
UAE. Heightened fulfillment requirements transform expectations as two-thirds of shoppers prefer next-or same-day delivery.
dhgate