Egypt's Sawiris makes $500m bid for Canadian gold miner: Reports

Ahram Online, Sunday 15 Jul 2012

Country's second-richest man prepares deal with La Mancha Resources, citing the firm's diverse portfolio of assets and potential for growth

Naguib Sawiris
Bid for Canadian group shows a shift in strategy for tycoon who made his fortune in telecoms (Photo: Reuters)

Egyptian billionaire Naguib Sawiris has made a US$500 million offer to buy a Canadian gold mining company, according to Sunday reports in local and Gulf media.

Sawiris, a member of one of Egypt's richest families, plans to buy the Montreal-based mining group La Mancha Resources, citing its "geographically diverse portfolio of assets offering exposure to growth."
Speaking to the Abu Dhabi-based newspaper The National, the Egyptian tycoon confirmed the deal was in progress but said he would not comment further until the transaction is complete.
Sawiris has offered to acquire La Mancha for 3.50 Candian dollars per share, a deal accepted by the company's board, according to The National.
The founder of Orascom Telecom, Sawiris was last year ranked Egypt's second-richest person by Forbes magazine, with an estimated net worth of $3.1 billion. His family also has sizeable interests in Egypt's construction and hospitality sectors. 
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