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Thursday, 22 September 2022

Lots of Mideast M&A

There is plenty of M&A news out of the region this morning:

  • Emirati firm International Holdings Co. is offering to pay up to USD 2.15 bn for 25-31.25% of Colombian foodmaker Nutresa, as it looks to invest bns of USD in emerging markets. (Disclosure, pdf | Bloomberg)
  • Abu Dhabi energy giant Adnoc is in early talks to acquire all or part of energy trader Gunvor. Gunvor is one of the world’s largest traders of crude and oil products, and has a large footprint in the global LNG trade. (Bloomberg)

And a little further afield: Schneider Electric is acquiring 100% of IT consultant Aveva Group, buying out its minority shareholders in a GBP 9.5 bn (USD 10.8 bn) transaction. Schneider will pay GBP 31.00 a share, a 41% premium to Aveva’s trading price before news of the sale broke. (Statement, pdf | Reuters)

ALSO- Germany is spending EUR 8 bn to nationalize struggling gas giant Uniper in a move that could help shield Europe’s largest economy from blackouts and rationing in the winter. The country’s largest gas importer suffered a EUR 12 bn loss in 1H 2022 on soaring gas prices after Russia limited flows to Europe, and losses are expected to exceed EUR 18 bn by the end of the year. (Bloomberg)

Down

EGX30

9,956

-0.6% (YTD: -16.7%)

Up

USD (CBE)

Buy 19.43

Sell 19.54

Up

USD at CIB

Buy 19.46

Sell 19.52

None

Interest rates CBE

11.25% deposit

12.25% lending

Down

Tadawul

11,461

-0.4% (YTD: +1.6%)

Down

ADX

10,094

-0.4% (YTD: +18.9%)

Down

DFM

3,461

-1.1% (YTD: +8.3%)

Down

S&P 500

3,790

-1.7% (YTD: -20.5%)

Up

FTSE 100

7,238

+0.6% (YTD: -2.0%)

Up

Euro Stoxx 50

3,492

+0.7% (YTD: -18.8%)

Down

Brent crude

USD 89.83

-0.9%

Up

Natural gas (Nymex)

USD 7.76

+0.6%

Up

Gold

USD 1,682.30

+0.7%

Down

BTC

USD 18,315

-3.3% (YTD: -60.0%)

THE CLOSING BELL-

The EGX30 fell 0.55% at yesterday’s close on turnover of EGP 999.8 mn (4.9% above the 90-day average). International investors were net buyers. The index is down 16.7% YTD.

In the green: Alexandria Containers (+1.7%), CIB (+1.2%) and e-Finance (+0.9%).

In the red: Madinet Nasr for Housing and Development (-6.9%), Fawry (-6.1%) and Rameda (-2.8%).

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