EFG Hermes stalls proposed takeover Free

  An attempt by a group of Egyptian and Arab investors from the Gulf, is to buy more of the Middle East from our investment bank EFG-Hermes to a halt after the consortium is not enough to receive shares of EFG-management challenge.
IB planet made its approach 1000000000 $, after the Bank based in Cairo, announced that its principal operating controlled fold in an investment banking joint venture between Qatar Qinvest.
EFG Shareholders approved the Qatari tie-up on 2 EFG shares fell in June last year after a popular uprising, and the agreement with Qinvest would give more resources to expand its business in the region.
Planet whose donors include telecom tycoon Naguib Sawiris, one of the richest men in Egypt, sought a 5% stake in EFG in the hope that it would require that management consider their offer.
Mohieldeen Sameh, CEO of Planet, said yesterday that the consortium had secured only between 2.3% and 2.5% of the EFG, because many institutional investors were not willing to challenge the principal owner of the bank.
"The minority is highly fragmented, we were not able, the largest number of shareholders that we wanted to achieve," he told Reuters Mohieldeen. "The main institutional shareholders, even if they voted against Qinvest the agreement, not yet want to leave the herd."
According to Reuters, the main shareholders of EFG, the government of Dubai, Family Shobokshi of Jeddah, located in Norway Skagen AS, OppenheimerFunds Inc. in the United States and the Government of Egypt.
Planet of the consortium said last month it was prepared to a minimum of 13.50 Egyptian pounds per share for the EFG to pay the estimated $ 1.1 billion at least.
Mohieldeen Planet had said did his best to prove he had the financial firepower to EFG and the matter was now in the hands of the Egyptian Financial Market Authority EFSA buy.
"If they really care about the interests of minorities regardless, we are always willing to go to a tender offer subject to due diligence," he said. "We have an amazing time after the acquisition plan, but there's nothing we can do now."