An attempt by a group of Egyptian and Arab Gulf investors to buy the Middle East's biggest home-grown investment bank EFG Hermes has stalled after the consortium failed to secure enough EFG shares to challenge management.
Planet IB made its $1 billion approach after the Cairo-based bank announced plans to fold its main investment banking operation into a joint venture controlled by Qatar's QInvest.
EFG shareholders approved the Qatari tie-up on June 2. EFG's share price tumbled last year following a popular uprising, and the deal with the tiny, energy-rich Gulf state would give it more resources to expand its business across the region.
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