Beltone, Sawiris may acquire smaller EFG-Hermes stake
Egypt’s Naguib Sawiris and Beltone Financial Holding are considering the purchase of a 9.5% stake in EFG-Hermes Holding, after attempts to buy more than twice that holding failed, Bloomberg has reported. Owners of about 54.4 million EFG-Hermes shares agreed to sell by market close today in Cairo, well below the 114.7 million Sawiris and Beltone sought, according to the Egyptian Exchange. EFG-Hermes rose 1.1% to EGP15.42, taking its increase since the deal was announced on June 5 to 17%. The joint bid, for which a 10 business-day implementation period expired on Sunday, was for EGP16 a share. Sawiris and Beltone must seek additional regulatory approval if they decide to buyout the EFG-Hermes holders who accepted their offer, Osama Rashad, head of Beltone investor relations, told the news service.