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Wednesday, 14 April 2010

UPDATE 1-UAE's Arabtec, Aabar call off acquisition deal | Markets | Reuters

UPDATE 1-UAE's Arabtec, Aabar call off acquisition deal | Markets | Reuters




Dubai-based contractor Arabtec ARTC.DU and Abu Dhabi's Aabar Investments AABAR.AD have called off a $1.7 billion deal to sell a 70-percent stake in Arabtec to Aabar, the two companies said in a statement.

No reason was given for the cancellation of the deal, first announced in January.

"The parties have agreed that they will continue to work together in good faith towards future cooperation and forming a strategic partnership in Abu Dhabi in the future," the firms said in statements on Wednesday to the Dubai and Abu Dhabi bourses.