Misr Beni Sueif Cement (MBSC) has renewed negotiations with Ireland’s CRH Company regarding the acquisition of a 51 percent stake in the Egyptian firm. CRH has offered to pay $4.5 per share, reported MIST.
MBSC has been the subject of acquisition talk over the past two years. On May 4, 2003, it announced the end of negotiations with Ireland’s CRH to acquire a stake in the company, after lengthy talks and the issuance of six press releases on the matter between June 2002 and May 2003.
This past July, a group of Egyptian and foreign investors appointed investment bank EFG-Hermes to advise it on the acquisition of up to 100 percent, with a minimum of 51 percent, of MBSC shares through a tender offer at a price of three dollars per share. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
