M&A WATCH- Archer Daniels Midland (ADM)’s Swiss unit is seeking to buy a stake in Egyptian sweeteners-maker National Company for Maize Products (NCMP), according to a regulatory filing. The transaction could see ADM acquire Misr Capital Investment’s 43% stake in NCMP, but there are no details on price or conditions. ADM will also bid for 100% of NCMP if the transaction is successful. The potential transaction is a sign the EGP float “has made some local companies more attractive to foreign investors,” Bloomberg’s Tamim Elyan writes. Radwa El Swaify, Pharos Holding’s head of research, says this “tells us about the attractiveness of the Egyptian market for mergers and acquisitions activity because it has become very cheap … They are buying a much cheaper asset compared to what they would pay if they build a similar factory.” ADM’s last investment in Egypt was announced in late 2015, when the company took a 50% stake in Medsofts.

Tags: