MIDEAST STOCKS-Banking shares climb in Abu Dhabi on FGB/NBAD merger details | Reuters:
"Abu Dhabi banking shares climbed in early trade on Sunday after the boards of directors of First Gulf Bank and National Bank of Abu Dhabi approved a proposed merger of the banks, aiming to complete it in the first quarter of 2017.
Shares in NBAD jumped 5.6 percent to 10.20 dirhams while FGB gained 4.0 percent to 13.10 dirhams. They were the market's two most heavily traded stocks.
The merger would be completed via a share swap which would result in shareholders of FGB receiving 1.254 new NBAD shares for every one FGB share. That ratio appears to favour NBAD holders greatly, but several analysts said investors' general optimism towards the merged entity meant selling of FGB shares might remin minor."
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