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HomeMarketStandard Chartered stock soars on report of revived bid interest

Standard Chartered stock soars on report of revived bid interest

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Standard Chartered’s stock soared Thursday, buoyed by a report that First Abu Dhabi Bank is again preparing a potential offer for the London-based lender after putting previous plans on hold.

is exploring an all-cash bid of $30 billion to $35 billion for Standard Chartered
 Bloomberg News reported, citing people familiar with the matter.

In January, FAB said it had explored a deal to buy the emerging-markets specialist bank but was no longer considering doing so. Because of that statement, any new offer would come after a cooling-off period, as required by U.K. regulations, Bloomberg reported.

Standard Chartered’s network spans much of the developing world, with operations in Hong Kong, China, India and countries in Africa and Latin America.

A Standard Chartered spokesman declined to comment. A representative for FAB couldn’t immediately be reached for comment.

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