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Mon 6 Oct 2008 03:45 PM

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Deyaar CEO refuses to comment on merger report

Property firm chief says speculation over $4.3bn merger 'not good for the market'.

Deyaar CEO refuses to comment on merger report
NO COMMENT: Both Deyaar and Union Properties refused to comment on reports of merger talks. (ITP Images)

The CEO of Dubai developer Deyaar refused to comment on Monday on speculation that the company was in talks with Union Properties regarding a possible merger.

Deyaar CEO Markus Giebel said such speculation was "not good for the market" when asked by Arabian Business about an earlier news agency report saying Deyaar was mulling the $4.3 billion merger.

A spokesman for Union Properties said they did not know anything about any proposed merger.

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