Abu Dhabi conglomerate IHC seeks takeovers in 'buyers' market' | Reuters
Abu Dhabi conglomerate International Holding Co (IHC) (IHC.AD) expects to increase its takeover activity, including in India and Turkey, as global market turbulence has created "a buyers' market," its chief executive told Reuters on Wednesday.
IHC, the most valuable company on the Abu Dhabi bourse with a market capitalisation of around $167 billion, is aiming for publicly-listed companies in growth markets, Syed Basar Shueb said, adding that it was also looking in South America and Indonesia.
"The public domain market has really corrected itself in some of the assets," he said.
"But in the private domain, it is still difficult to negotiate with the owners because they all are still living in a year-old world where the valuations were extremely high. It's not a sellers' market, it's a buyers' market now."
IHC, which straddles sectors from healthcare to real estate to IT and utilities, made 70 acquisitions at a total value of 10 billion dirhams ($2.72 billion) this year.
No comments:
Post a Comment