Titan Cement to acquire IFC stakes in Egypt, Southeast Europe businesses

M&A WATCH- Titan Cement to acquire IFC minority stakes in Southeast Egypt, Europe businesses for EUR 81.8 mn: Cement producer Titan Group has agreed to acquire the International Finance Corporation’s (IFC) minority stakes in all of Titan’s subsidiaries in Egypt and Southeast Europe in a EUR 81.8 mn transaction, according to a bourse disclosure (pdf). The acquisition includes IFC’s 17.28% stake in Alexandria Development Ltd., which in turn holds an 88.93% stake in Alexandria Portland Cement.