StanChart’s takeover defences are getting stronger


Source: reuters.com reuters.com

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LONDON, Feb 16 (Reuters Breakingviews) - At any point in the past half-decade or so, Standard Chartered (STAN.L) shareholders would probably have welcomed an all-cash takeover as a blessed salvation. The bank struggled with high costs and low returns, leading to a bombed-out valuation. But that’s changing, which could make life trickier for possible bidders like First Abu Dhabi Bank (FAB.AD) (FAB). The bank run by Bill Winters on Thursday reported an 8% return on tangible equity (ROTE) for 2022, after stripping out restructuring costs and other one-offs. That’s the best result the former JPMorgan (JPM.N) executive has reported since...