Standard Chartered’s stock experienced a significant increase on Thursday, following a report of continuing interest in a potential bid from First Abu Dhabi Bank. The latter bank is said to be considering making an all-cash offer, ranging from $30 billion to $35 billion, for Standard Chartered, according to sources familiar with the matter, as reported by Bloomberg News.
It should be noted that in January, FAB had previously stated that it had looked into a potential deal with Standard Chartered, but had decided not to proceed with it. As a result, any new offer would come after the required cooling-off period, as mandated by U.K. regulations, according to the Bloomberg report.
Standard Chartered has a vast network spanning many parts of the developing world, including Hong Kong, China, India, and countries in Africa and Latin America.
A representative for Standard Chartered declined to comment on the matter. Efforts to reach a representative for First Abu Dhabi Bank for comment were unsuccessful.
Standard Chartered’s stock has risen significantly, with its London-listed shares currently trading at £7.57, an increase of nearly 10% from its previous value. This also marks a year-to-date gain of nearly 22%.