SCBFY - Standard Chartered shares surge on report of potential bid from First Abu Dhabi

• Standard Chartered ( OTCPK:SCBFF ) ( OTCPK:SCBFY ) shares jumped 10% in London trading on Thursday after a media report that First Abu Dhabi Bank PJSC (FAB) may be reviving a bid for the British bank once a cooling off period required under U.K. takeover rules expires.
• FAB recently completed due diligence and is considering an all-cash bid of $30B-$35B, Bloomberg reported, citing people familiar with the process. The acquisition would be funded by FAB's backers, which include sovereign fund Mubadala Investment and the Abu Dhabi's ruling Al Nahyan family.
• After crude prices rebounded, Abu Dhabi is eager to use its oil profits to build up its financial sector, which has lagged its other key industries such as tourism, energy, and logistics, Bloomberg reported .
• Last month, FAB said it had explored making an offer for Standard Chartered ( OTCPK:SCBFF ) but was no longer considering the move, the article said.
• In recent months, Standard Chartered ( OTCPK:SCBFF ) was reportedly cleared to expand its operations in China.

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