Egyptian billionaire Naguib Sawiris will drop out of a buy-out consortium targeting investment bank EFG Hermes after EFG shareholders backed an alternative tie-up with Qatar's QInvest, an EFG source told Reuters on Tuesday.
But the head of the buy-out group vowed to press on with the bid, saying it had the financial firepower it needs and would consider a hostile approach for Egypt's biggest investment bank.
Economic turmoil and a morose financial market since a popular uprising have left EFG lacking the means for its ambition to expand across the Middle East and in March it announced talks over an alliance with Qatar's QInvest.
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