The successful bidder for EFG-Hermes risks overpaying for the Egyptian company, bankers say.
The embattled Egyptian investment bank is caught between two rival bids - the first from a joint venture with QInvest that would provide funding from Qatar's sovereign wealth fund, and the second a US$1 billion (Dh3.67bn) unsolicited buyout bid from Planet Investment Banking (Planet IB), a consortium of Arab investors.
"If Planet are serious about going hostile with their bid, they'll have to considerably increase their price," said Aybek Islamov, a financial analyst at HSBC. EFG-Hermes's business includes investment banking, brokerage and private equity alongside a 65 per cent stake in Credit Libanais, a Lebanese commercial lender.
No comments:
Post a Comment