Mondi plans to delist Suez Bags once acquisition is complete

M&A WATCH- Mondi Paper Sales is reportedly planning to delist Suez Bags from the EGX after it completes the acquisition of a 70.1% stake in the company, Al Mal reports, providing no reason for the decision. The Financial Regulatory Authority had signed off this week on Mondy’s mandatory tender offer to buy 7,666,435 shares in Suez Bags in a transaction valued at EGP 199.4 mn. Mondi, which is reportedly self-financing the transaction, had originally acquired stake in Suez Bags from Heidelberg Cement subsidiaries Suez Cement and Tourah Cement in a separate transaction. Zaki Hashem & Partners represented Mondi in the transaction.