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
china wholesale market

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: March 29, 2015
UAE. Deloitte launches 2015 Technology, Media & Telecommunications Predictions for the Middle East; Middle East millennials to spend around US$37 billion on media content; GCC countries to make significant open data advancements in 2015.
date:Posted: March 29, 2015
QATAR. S&P projects real economic growth to average about 4% annually in 2015-2018, sustained by the government's US$220 billion investment program.
date:Posted: March 28, 2015
QATAR. Notwithstanding the weak start for the global economy, Asian economies are expected to continue to grow rapidly in 2015. We expect economic growth to average 5.7% in 2015, the same rate as in 2014.
UAE. Deloitte launches 2015 Technology, Media & Telecommunications Predictions for the Middle East; Middle East millennials to spend around US$37 billion on media content; GCC countries to make significant open data advancements in 2015.
dhgate