Suez Bags receives acquisition offer from Mondi Group

M&A WATCH- Suez Bags is reportedly an acquisition target, sources close to the transaction tell Al Borsa. The company — a subsidiary of Suez Cement — has received two competing bids, one of which reportedly comes from international packaging and paper firm Mondi. Sources did not disclose the second bidder. The newspaper puts the size of the transaction in the neighborhood of EGP 400 mn. The Egyptian Financial Supervisory Authority has approved due diligence for both bidders, which will be completed in two months time. EFG Hermes is reportedly advising on transaction, but the newspaper’s sources did not specify whether it is on the buy or sell side. Zaki Hashem & Partners has confirmed to us that it will be acting as legal adviser to Mondi Group’s bid.