MIDEAST STOCKS-Saudi’s Alawwal Bank leaps on merger news in generally soft Gulf | Reuters:
"Shares in Saudi Arabia’s Alawwal Bank soared in early trade on Wednesday in response to news on its planned merger with Saudi British Bank, while Gulf stock markets were generally soft. The Saudi index was down 0.5 percent after an hour. But Alawwal jumped 10 percent to 13.92 riyals in its heaviest trade since April 2017, after it and SABB said they reached a preliminary, non-binding agreement to merge, creating Saudi Arabia’s third-biggest bank with assets of around $77 billion. The deal would value each Alawwal share at 16.3 dirhams, SABB said — a big premium to the market price. SABB shares sank 4.7 percent as some investors bet the bank was overpaying."
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