Two major UAE entities have made headway with their takeover bids: Emirates NBD now owns 99% of Emirates Islamic Bank, while Abu Dhabi sovereign wealth fund ADQ secured a 63% stake in Aramex.

#1- ADQ has secured a 63.26% stake in Aramex, after shareholders offered acceptances for some 40.57% shares in the company to be acquired by ADQ subsidiary Q Logistics Holding, according to a bourse disclosure (pdf). ADQ already owns a 22.69% stake in Aramex through its subsidiary AD Ports.

REFRESHER- Q Logistics Holdings launched a voluntary tender offer to buy up all of Aramex’s shares — excluding the 22.69% stake already held by ADQ shipping unit AD Ports — at AED 3 apiece, valuing the freight services firm at AED 4.4 bn. The company had snapped up a 35.31% stake in Aramex by the time the offer period ended, though more shareholders agreed to tender their shares later. Aramex will soon be folded into ADQ’s transport and logistics cluster, joining assets like AD Ports, Abu Dhabi Airports, Etihad Airways, and Etihad Rail.

Market reax: Aramex’s shares rose 1.81% on the DFM on Friday following the news, closing at AED 2.82.

ADVISORS- Rothschild is acting as financial adviser for Q Logistics, while EFG Hermes UAE, International Securities and Emirates NBD capital serve as co-lead managers on the transaction. Clifford Chance was hired to provide counsel on the potential acquisition. Aramex tapped HSBC as its financial advisor for the potential takeover.

#2- Meanwhile, Emirates NBD acquired an additional 0.078% stake in Emirates Islamic Bank, taking the total size of its stake to 99.971%, according to a disclosure (pdf). This leaves 0.029% in freefloat, with updates on the mandatory acquisition notices for the remaining shares set to be shared in due course.

REMEMBER- DFM-listed Emirates Islamic Bank’s (EIB) board recommended that shareholders accept Emirates NBD’s AED 699 mn full takeover bid, after approving its fair value report earlier this month. Dubai’s largest bank by assets offered to snap up EIB’s remaining 0.11% free-float stake for AED 11.95 apiece, ahead of delisting it from the DFM. EIB will continue to operate independently, retaining its commercial registration and trade name, with business operations set to remain unchanged.

Market reax:Emirates Islamic Bank’s share price remained flat at AED 11.95.

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