Naguib Sawiris, the Egyptian telecommunications mogul, has decided against joining a consortium of investors attempting to take over EFG-Hermes , the Middle East investment bank.
Mona Zulficar, chairwoman of EFG-Hermes Holding, told the Financial Times that Mr Sawiris had authorised her to tell the press that he would have been part of the Planet IB consortium only if EFG-Hermes shareholders had voted against an alternative tie-up with Qatar’s QInvest.
The alliance with QInvest was approved by shareholders on Saturday. giving the green light for a joint venture with the Qatari group. This would allow for the establishment of a joint venture, EFG-Hermes Qatar, under which most of the bank’s businesses would be folded. EFG-Hermes would retain sole control over its private equity arm and its controlling stake in the Beirut-based Credit Libanais.
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