ADCB, UNB shares move in opposite directions post-merger announcement | ZAWYA MENA Edition

ADCB, UNB shares move in opposite directions post-merger announcement | ZAWYA MENA Edition:

Shares in Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) moved in opposite directions on Wednesday, a day after both banks announced that they agreed to merge and for the combined entity to acquire Al Hilal Bank. (Read more here).

In a statement to the exchange, the banks said that ADCB will issue 0.5966 ADCB shares for every UNB share held. The merger is expected to take place within the first six months of the year, subject to regulatory and shareholder approvals.

ADCB’s shares rose 1.12 percent on Wednesday, while UNB’s shares dropped 1.7 percent, dragging Abu Dhabi’s index to close 0.56 percent lower.