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Tuesday, 11 October 2016

No reconciliation with fertiliser distributors, ECA refers cases to prosecution

THE EGYPTIAN COMPETITION AUTHORITY (ECA) has refused requests for a settlement to close the cases of 24 distributors of superphosphate fertilisers and referred them to prosecution. The ECA insists the companies colluded to fix selling prices through three explicit agreements. The case is particularly important to ECA, which says it refused to exercise any leniency and agree to a settlement because it relates directly to food prices and after having had to fight pushback from the companies that refused to provide data and cooperate during the investigation. The ECA added that it, generally, will not allow of any chance of reconciliation with law violators who directly harm the general public and do not cooperate during investigations.

Separately, Oriental Weavers told the EGX that the Prosecutor General has shelved a case against it by the competition authority after finding no evidence of wrongdoing.

!_StoryHed_ Attijariwafa will tap Morocco for Barclays acquisition finance

ATTIJARIWAFA WILL RELY ON MOROCCAN FINANCE to acquire Barclays Egypt, according to a Reuters report picked up by that beacon of brilliant journalism known as the Daily Mail. Attijariwafa expects to close the transaction by year’s end and is “looking at capital increases, dividend management and a reorganization of its shareholdings to finance the Barclays deal and will use foreign reserves, with no plans for international bonds or bilateral foreign deals,” the newswire reports. “It will be between us and in house, we have enough resources even if the closing happens before the end of the year, as we expect it,” Attijariwafa Managing Director Ismail Douiri is quoted as saying. Among other things, the piece also notes Attijariwafa is in advanced talks with the Islamic Development Bank to set up a shariah-compliant subsidiary at home.

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