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Monday, 11 September 2017

ADM reportedly gets cranky about lack of progress on NCMP transaction

ADM reportedly gets cranky about lack of progress on bidding for National Company for Maize Products: Representatives of Archer Daniels Midland (ADM) held a meeting with Investment Minister Sahar Nasr to discuss delays in receiving regulatory approvals for their bid to acquire National Company for Maize Products (NCMP), sources tell Al Borsa. Nasr reportedly assured the global commodities giant that the process would be seen through as soon as possible, with sources telling the newspaper that the transaction should be completed within the next few months. ADM executives said they are keen on getting the bidding done so they can move forward with plans for more investments in the food sector.

ADM’s mandatory tender offer for a 42.96% stake in NCMP is one of three competing bids. Also in the running are Cairo Three A Group and Al Mona Misr (a local affiliate of global commodities giant Louis Dreyfus). Egypt Kuwait Holding (EKH) subsidiary International Financial Investments Company (IFIC) may also be in the running. Pharos Holding is sell-side advisor to Misr Capital Investment (owned of the NCMP stake on offer) for the transaction, while EFG Hermes is advising ADM.

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