Aldar, Sorouh Said to Appoint Advisers for Potential Merger
Aldar Properties PJSC (ALDAR) and Sorouh Real Estate Co. (SOROUH), Abu Dhabi’s biggest developers, may appoint Credit Suisse Group AG and Morgan Stanley (MS) to advise on their potential merger, a person familiar with the matter said.
Aldar, the biggest developer in the United Arab Emirates capital, may appoint Credit Suisse, the second-biggest Swiss bank, while Sorouh may give the advisory mandate to Morgan Stanley, owner of the world’s largest retail brokerage, the person said, declining to be identified because the matter is private. An agreement for the advisery mandate may be signed this week, the person said.
Spokesmen for Aldar and Morgan Stanley said the companies don’t comment on market speculation, while spokesmen for Sorouh and Credit Suisse (CSGN) declined to comment.
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