IPIC raises offer for Aabar after SCA ruling - The National Newspaper

The International Petroleum Investment Company (IPIC) agreed yesterday to raise its takeover offer for the Abu Dhabi-listed Aabar Investments by more than 34 per cent, handing a victory to minority shareholders in an unprecedented test of the country’s stock market regulations.

The Emirates Securities and Commodities Authority (SCA), the body that oversees local exchanges, announced the increase from Dh1.45 to Dh1.95 a share after talks with the Ministry of Economy and Abu Dhabi Department of Economic Development on the fairness of the deal.

The shares of Aabar, which is majority-owned by IPIC, opened at Dh1.55 on the Abu Dhabi Securities Exchange (ADX) yesterday and closed up 8.3 per cent at Dh1.57 after the announcement.