A record number of applications for new listings have surfaced this year in
Cyprus, as have a rush of mergers and acquisitions. The number of mergers and acquisitions (as of the end of June) reached 54 compared to 39 deals for all of 1999, the Financial Mirror reported.
The value of the deals reached this year so far hit CYP 287 million compared
to CYP 170 million for the whole of 1999.
The most significant deal is the forthcoming merger planned by Options
Euro-congress with J.G. Cassoulides, valued at CYP 155 million. The two companies need the required 90 percent shareholder consent to forge the
largest-ever merger in Cypriot history.
The largest acquisition deal this year is that of Bank of Cyprus, which
announced the full acquisition of Interbank of New York for $43 million (CYP
26,5 million). In another major deal, 81.3 percent government stake of
Cyprus Tourism Development Company was proposed in a management buyout. The
offer to procure the stake was valued at CYP 12.2 million. The government
has not yet responded to the offer, and waits tenders from the investment
community.
- albawaba.com
