Egypt's EFG Hermes receives buy-out approach

Ahram Online and Reuters, Thursday 31 May 2012

Investment bank says it has received a letter from group of Arab investors and bankers expressing interest in a deal

New offer comes amid news of QInvest takeover (Photo: Reuters)

Egyptian investment bank EFG-Hermes said on Thursday a group of investors had approached it with a view to presenting a buy-out offer, confirming newspaper reports.

EFG - which is in the process of forming a joint venture with Qatar's QInvest - said it had received a letter from Planet, a group of Arab investors and Egyptian bankers, saying it was interested in buying the company. It was not clear how any buy-out would affect the QInvest deal.
According to the Al Mal financial newspaper, the offer covers all company operations and will be financed through a $650 million loan from three banks.
The founders of Planet were named by Al Mal as Ahmed El-Hussainy, the founder and former managing director of Citadel Capital, Mahmoud Abdel-Latif, former chairman of Bank of Alex-San Paolo, and Mona Yassine, former head of Cairo Far East Bank.
"The letter did not contain any detail about the acquirers or the proposed price or any clarifying details," EFG said in a statement to the Egyptian stock exchange.
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