Offline capacity in Gulf of Mexico supports prices
Planet IB’s 13.5 Egyptian pounds-a-share offer lacked details on the “financing resources” as well as information about the investors, Cairo-based EFG-Hermes said on Sunday. The bid is 23 per cent more than the stock’s May 31 close. The shares rose 1.3 per cent to 11.11 pounds at 2:26pm in Cairo. EFG-Hermes would extend its reach to Turkey and as far as southeast Asia through the venture. Planet IB chief executive officer Ahmed El Houssieny may pursue a hostile takeover of EFG if management refuses to allow it to conduct due diligence. — Bloomberg
“I will not shy away from Egypt’s first hostile takeover,” El Houssieny said on Saturday in a statement to Bloomberg.
EFG-Hermes shareholders voted on Saturday in favour of an agreement that will give QInvest, a unit of Qatar Islamic Bank, 60 per cent of the venture, which will exclude EFG-Hermes’s private-equity business and its stake in Lebanese commercial bank Credit Libanais SAL. Investors will receive a one-time cash dividend of about four pounds a share, the bank said on Sunday.
Offline capacity in Gulf of Mexico supports prices
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