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Wednesday, 10 July 2019

Orascom Investment withdraws offer to acquire Nile Sugar

M&A WATCH- Sawiris’ Orascom Investment backtracks from Nile Sugar acquisition: Orascom Investment Holding (OIH) has withdrawn its offer to acquire Nile Sugar after failing to reach an agreement on the terms and conditions with the company’s shareholders, OIH said in a bourse filing (pdf). The company said that it will continue to pursue other investment options in the agro-industrial sector.

Background: The USD 3.6 bn acquisition had been on track to close by the end of 2018, but carried over into this year. OIH had asked in April for more time to close the acquisition of Nile Sugar to update its valuation report for the transaction based on Nile Sugar’s most recent financial results. The bid had come under criticism over its “inflated valuation” of Nile Sugar, which OIH denied.

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