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Sunday, 18 September 2022

B Investments hasn’t made its mind up on TotalEnergies Egypt

B Investments has not yet decided on whether to preempt Adnoc’s bid to acquire TotalEnergies Egypt. The company’s board said on Thursday in a regulatory filing (pdf) that it was “not in a position to respond” by a 15 September deadline, citing “unresolved legal issues related to the validity of the transfer notice” from current owner TotalEnergies Marketing Afrique (TEMA). B Investments owns a 15.4% stake in TotalEnergies Egypt, giving it the right to exercise a right of first refusal in Adnoc’s acquisition bid and acquire TEMA’s 34.6% stake itself. The company can also allow Adnoc to proceed with the acquisition.

What’s next: B Investments is now in discussions with TEMA over the transfer notice, the disclosure says. B Investments’ IR head, Omar El Labban, declined to provide further details on the nature of the legal issues or a prospective timeline.

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