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Dubai United Arab Emirates
Dubai's Emaar Properties aims to delist its construction arm Emaar Development from the local stock exchange, it said on Thursday, as its board approved plans to launch a buyout offer worth as much as $3.4 billion.
* The move follows a change of ownership this year at Emaar, developer of the world's tallest building, the Burj Khalifa
* Emaar plans to offer 15 dirhams per share for the outstanding stake, valuing Emaar Development at $16.3 billion
* The cash offer represents a 19.4% premium to Emaar Development's November 2 closing price of 12.56 dirhams per share
* The deal "would bring the UAE development business fully within the group, allowing it to be managed and funded under a single capital allocation framework," Emaar said
* Emaar Properties owns just over 79% of Emaar Development, while unit Emaar Property Holdings Limited (EPHL) holds a further 1%
* The Gulf is grappling with the turmoil of the US-Iran war, which has impacted sectors including travel and hospitality
* Still, Emaar on Thursday reported a 13% rise in revenue in the first nine months of the year, helped by construction progress and high occupancy across its shopping malls. It also approved a special dividend worth about $1.2 billion
* JPMorgan is acting as Emaar Properties' financial adviser, while Emirates NBD Capital is lead manager and FAB is co-lead manager
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