Due diligence extended in Arabtec, Aabar merger

Dubai-based Arabtec, the UAE's largest contractor, has extended the due diligence date for its $1.7bn merger with Aabar Investments to April 16, in a move that will encourage investors that the deal will progress, the company said. 'Because of the enormity of the task at hand and the limited time frame, both parties agreed to amend the subscription agreement and the term sheet to extend the due diligence date to midnight April 16 2010,' the company said in a statement on the bourse website. Under the agreement, Abu Dhabi's Aabar in January had agreed to acquire a 70% stake in Arabtec in a deal valued at about $1.7bn, according to Reuters.