Monday 21 May 2012

Abu Dhabi picks Goldman, others for state-backed realty merger | Reuters

Abu Dhabi has picked four banks as financial advisors for the potential state-backed merger of property developers Aldar Properties ALDR.AD and Sorouh Real Estate SOR.AD, three sources aware of the matter said on Monday.

The oil-rich emirate has hired Goldman Sachs (GS.N) and National Bank of Abu Dhabi NBAD.AD to advise a steering committee that will oversee the potential merger, one of the sources familiar with the matter said.

Morgan Stanley (MS.N) and Credit Suisse (CSGN.VX) are advising the companies, the three banking and industry sources said speaking on condition of anonymity as the matter has not been made public.

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