Dubai's Abraaj says Citadel talks end without deal

Dubai’s Abraaj says Citadel talks end without deal

"Abraaj Capital confirmed ... that following a review, it is no longer currently exploring a transaction with Citadel Capital," Abraaj said in a statement on its website.

July 27, 2011 8:32 by Reuters

Dubai-based Abraaj Capital said on Tuesday it was no longer seeking a transaction with Egypt’s Citadel Capital after reports that Abraaj sought to buy a stake in the rival private equity firm.

“Abraaj Capital confirmed … that following a review, it is no longer currently exploring a transaction with Citadel Capital,” Abraaj said in a statement on its website.

Abraaj confirmed holding initial talks with Citadel, but added: “As no agreement has been reached to date between the two parties, Abraaj Capital feels it appropriate to disclose this to the respective stakeholders to quell further speculation.”

Abraaj manages assets of more than $6 billion, while Citadel manages $4 billion.

“This does not preclude Abraaj Capital from exploring such a transaction in the future should performance, deal terms and/or circumstances change,” Abraaj added in its statement.

(Reporting by Firouz Sedarat; Editing by David Hulmes)