Aabar and International Petroleum have agreed to offer shareholders 1.95 dirhams a share to reflect the six-month average of Aabar’s price on the Abu Dhabi bourse, the Securities & Commodities Authority said in a statement to ADX today. The offer will be from July 20 to Aug. 5, and the payment should be made on Aug. 10.
Aabar Investments PJSC and its main shareholder International Petroleum Investment Co. will raise the offer to its minority shareholders by 34 percent after the market regulator sought changes to the company’s delisting terms. The stock surged the most in a month.
Aabar offered stake holders 1.45 dirhams a share on July 12.
Aabar shares soared 9.7 percent, the most since June 22, to 1.59 dirhams at 11 a.m. in Abu Dhabi today. The stock declined 23 percent this year, while Abu Dhabi’s benchmark index dropped 7.9 percent.
Aabar paid $2.7 billion in 2009 for a 9.1 percent stake in Daimler, the world’s second-biggest luxury carmaker. The company last month bought a 4.99 percent stake in Italy’s biggest bank UniCredit SpA valued at $2.2 billion.
Aabar is borrowing $2 billion to refinance debt and for acquisitions, a banker familiar with the plan said July 4. The company had total long-term liabilities of 19.6 billion dirhams at the end of March, according to Bloomberg data.
