M&A WATCH- Cairo 3A gets seller approval on Egyptian Starch & Glucose (ESGC) acquisition: Egyptian International Tourism Projects Company (Americana Egypt), Americana Group and Cairo Poultry have all agreed to sell their stakes in ESGC to Cairo 3A at EGP 8.54 per share, according to EGX disclosures here, here, and here (pdfs). Cairo 3A is seeking clearance from the Egyptian Competition Authority to go ahead tomorrow with a mandatory tender offer for the ESGC shares it does not already hold, the company said in a regulatory filing (pdf).

(ECA approval is not strictly required for any merger or acquisition, but the agency has for some time now sought the authority to reject pre-execution any transaction it thinks would be anti-competitive.)

Background: Cairo 3A earlier this year launched a bid to acquire ESGC shares held by Egyptian International Tourism Projects Company (Americana Egypt, 23.2%), Americana Egypt’s parent company Americana Group (41%) and Cairo Poultry (27.3%). Cairo 3A offered to buy the combined 45.8 mn shares for EGP 8.54 apiece, valuing the company at about EGP 428 mn. ESGC and the board of all three shareholders approved the offer shortly after Cairo 3A declared its bid.