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Wednesday, 14 October 2020

Egypt’s FRA approves HeidelbergCement, Suez Cement MTOs for subsidiaries

M&A WATCH- HeidelbergCement and Suez Cement’s MTOs for the remaining stakes in their subsidiaries got the regulatory greenlight from the Financial Regulatory Authority (FRA) yesterday, according to two separate regulatory filings (here and here — pdfs). HeidelbergCement is lodging a mandatory tender offer for 33% of its Egypt subsidiary, Suez Cement, while Suez is looking to acquire a 28% stake in its subsidiary Tourah Portland Cement Company (Tourah Cement). The offers which value the 33% stake in Suez at over EGP 448 mn and the 28% stake in Tourah Cement at c. EGP 144 mn.

Advisors: EFG Hermes is acting as financial advisor on both MTOs, while Grant Thornton Mohamed Hilal was tapped to determine a fair value for the target companies, Al Mal reports (here and here) EFG Hermes’ brokerage arm, meanwhile, will execute the MTO on the EGX, the newspaper says.

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