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Wednesday, 27 November 2019

FRA orders Greece’s Titan to submit MTO for Alexandria Cement

M&A WATCH- FRA orders Titan Cement to submit MTO for Alexandria Cement: The Financial Regulatory Authority (FRA) has ordered Greek cement company Titan Group to launch a mandatory tender offer (MTO) for 100% of Alexandria Portland Cement (Alexandria Cement) after it agreed to acquire the latter’s parent company, Alexandria Development, the regulator said in an EGX disclosure (pdf). By buying out 100% of the parent company, Titan is now an indirect majority owner through a related party, triggering an MTO requirement. The company announced earlier this week it had agreed to acquire the International Finance Corporation’s (IFC) minority stakes in all of its subsidiaries in Egypt and Southeast Europe in a EUR 81.8 mn transaction. The acquisition included IFC’s 17.28% stake in Alexandria Development, which in turn holds an 88.93% stake in Alexandria Cement.

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