Planet says will match QInvest undertakings over Egypt's EFG-Hermes

Reuters, Monday 4 Jun 2012

Investment group says it's ready to begin due diligence to prepare for its offer to buy all investment bank's shares

Egypt's Planet, which is seeking to take over EFG-Hermes, said on Monday it intended to match financial and legal guarantees as well as other undertakings made by its Qatari competitor, which has a merger deal with the Egyptian investment bank.

Planet said it was ready to begin due diligence immediately in preparation for its intended offer to buy 100 per cent of EFG's shares.
 
Qatar's QInvest is in the process of forming a joint venture with EFG-Hermes that would take control of many of the bank's main businesses. 
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