Emirates regulator calls for higher offer to buy out small shareholders of Abu Dhabi fund
By APSunday, July 18, 2010
UAE regulator urges higher buyout offer for Aabar
DUBAI, United Arab Emirates — The Emirates’ market watchdog is calling on Aabar Investments’ top shareholder to boost its offer to buy out minority shareholders by more than a third.
The Securities and Commodities Authority urged state-run International Petroleum Investment Company to pay 1.95 dirhams (53 cents) a share in a letter disclosed Sunday. IPIC is offering 1.45 dirhams.
Investors are closely watching the fate of Aabar, one of Abu Dhabi’s most active investment funds and a big shareholder in German automaker Daimler and Italy’s largest bank.
Aabar is unusual among the Gulf’s often secretive investment funds because it sells some shares to the public. The market listing requires it to disclose more financial details than other government funds.
