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Aldar, Sorouh Say Due Diligence on Merger to Take Months

June 10 (Bloomberg) -- Aldar Properties PJSC and 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.

Link to Company News:{340949Z US <Equity> CN <GO>} Link to Company News:{ALDAR UH <Equity> CN <GO>} Link to Company News:{SOROUH UH <Equity> CN <GO>}

To contact the reporter on this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net

To contact the editor responsible for this story: Inal Ersan at iersan@bloomberg.net

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