Egypt: Electrolux postpones Egypt deal
Click here to add Cairo as an alert
Disable alert for Cairo,
Click here to add Electrolux as an alert
Disable alert for Electrolux,
Click here to add Financial Investments S.A.E. as an alert
Disable alert for Financial Investments S.A.E.,
Click here to add Olympic Group as an alert
Disable alert for Olympic Group,
Click here to add Paradise Capital as an alert
Disable alert for Paradise Capital
Sweden's Electrolux has postponed a $480m deal to acquire a controlling stake in Cairo-based Olympic Group, the biggest home appliance maker in the Middle East and North Africa region, because of the current unrest.
In October 2010, Electrolux signed a preliminary agreement with Paradise Capital to acquire 52% of Olympic Group for Financial Investments S.A.E.
Olympic Group has 7,300 employees and manufactures washing machines, refrigerators, cookers and water heaters. In 2009, the company had sales of EGP 2.1 billion (some US$400 million) and an estimated volume market share of approximately 30% in Egypt.
- Tourism is the real target of the Tunisia attacks: industry set to suffer
- FIFA scandal probe: No deaths in 2022 World Cup construction, Qatar says
- The UAE harnesses the power of celebrity endorsements
- Gazans reach beyond Israeli blockade through start-up
- France is playing a risky dating game in the Gulf: experts