Dubai's Emaar Development jumps as parent seeks full ownership

** Emaar Development's EMAARDEV.DU stock rises 5% to 14.6 dirhams, its highest level in more than four months

** Parent Emaar Properties, which owns about 79% of the company, plans to acquire up to 100% of its construction arm

** Emaar Properties proposes an offer price of 15 dirhams ($4.08) per share, valuing Emaar Development at about 60 billion dirhams

** Emaar Properties up 2.7%

** YTD, EMAARDEV down about 3.5%, EMAAR lower nearly 15%

($1 = 3.6728 UAE dirham)