Egypt’s Beltone, Sawiris in $257m joint bid for EFG-Hermes stake

June 21, 2014 1:40 pm

Egypt’s Beltone Financial Holding is set to offer itself for acquisition by EFG Hermes if it is successful with a joint bid for a 20% stake in the investment bank, Reuters has reported, citing the offer document. Beltone and billionaire Naguib Sawiris are together offering $257m for the EFG stake, with the offer document stating that EFG will also be granted the chance to take over the financial group that owns 17 companies specialising in investment and asset management activities among other operations. The country’s financial regulator approved the Beltone-Sawiris offer last week and said it would stand for 10 working days after its official publication.