Local team to take EFC after Sabic withdrawal

15 July 2005
A group of investors led by the local private equity company Citadel Capital is set to take control of Egyptian Fertiliser Company (EFC) after rival bidders pulled out of the race for the company. Citadel's winning offer of $501 a share for 100 per cent of EFC's 1.7 million shares equates to an offer of about $840 million for the producer.

Citadel had previously hit the front of the five-way auction in late June when it offered about $475 a share for the 1.475 million shares on offer, about 88.25 per cent of the company. The bid overtook an offer of $462 a share submitted on 17 June by Egypt Kuwait Holding Company (EKH).

Another potential bidder, Saudi Basic Industries Corporation (Sabic),withdrew on 29 June saying the price was too high. Other bidders were India's Tata Groupand Agriumof Canada.

The local EFG-Hermesis managing the sale, which includes a 46 per cent share held by state-owned Egyptian Petrochemical Holding Company (ECHEM - MEED 24:6:05).

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications