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: July 7, 2015
UAE. The price action of Dubai's real estate market will be greatly influenced by the rate of completion of on-going projects. If the rate falls below 60%, the lopsidedness will cause prices to trend upwards.
date:Posted: July 7, 2015
UAE. PA Consulting Group says failure to grasp how to communicate with this entrepreneurial group of people may threaten the survival of organisations reluctant to change; Three-point strategy to help regional employers avoid shortage of new talent in new era of digital revolution.
date:Posted: July 7, 2015
UAE. Central Bank of Malaysia, one of the largest issuers of sukuk worldwide, stopped issuing earlier this year; The pullback saw total sukuk issuance drop by 42.5% compared with the same period a year earlier.
UAE. PA Consulting Group says failure to grasp how to communicate with this entrepreneurial group of people may threaten the survival of organisations reluctant to change; Three-point strategy to help regional employers avoid shortage of new talent in new era of digital revolution.
dhgate