Good afternoon, everyone, and a happy almost-weekend to you all. The weather is finally seeing a downturn in temperature, with clear skies and cool breezes in our future.

THE BIG STORY TODAY

Domty shares up 20.0% following news of Arla acquisition: Domty’s incoming acquisition by Danish Arla Foods for up to 100% of the company (pdf) has been a hit on the EGX, with shares of the local cheesemaker rising 20.0% by the end of trading yesterday to EGP 21.63 a share.

Domty wasn’t the only dairy company on the bourse having a good day, with all of the country’s major dairy producers finishing the day 20% up, including Juhayna, Arab Dairy, and Obour Land.

Arla is paying a 74.6% premium on the share price on the day the acquisition was announced. Naeem Holding’s VP of equity research, Hesham Hamdey, pointed to the premium as evidence of Egyptian stocks being undervalued in comments to Asharq Business. Thndr Securities’ chief equity strategist, Amr Elalfy also told the outlet that the price premium can be explained as a control premium.

THE BIG STORY ABROAD

The focus of the global press is split between Israel’s wars on its neighbors and the seemingly never-ending US election cycle. Over in our corner of the world, it is being reported that Israel killed 15 in airstrikes on the Lebanese town of Qana — the same town that Israel killed at least 100 civilians in 1996 in a strike on a UN compound housing displaced families. Another of Israel’s strikes on the country catching the attention of the international press is its airstrike on Nabatieh, killing at least five people — including the city’s mayor Ahmed Kahil — which Lebanese Prime Minister Najib Mikati claimed was “intentionally targeting” a meeting to aid relief efforts.

With only 19 days to go until the election, US election drama is ramping up once again. One story making the rounds is that tech oligarch Elon Musk has given nearly USD 75 mn to aid Donald Trump’s bid for the US presidency ahead of the upcoming elections. Musk has also been cranking up the rhetoric, telling former Fox News host Tucker Carlson that “If Trump doesn’t win this election, it’s the last election we’re going to have.” Trump, likewise, has also not been shying away from dangerous rhetoric, telling Fox News in a recent interview that he could call on the National Guard to deal with the “enemy from within” — read: people who disagree with him.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • Saudi Crown Prince Mohammed Bin Salman was in Cairo yesterday for a one-day visit that saw him meet with President Abdel Fattah El Sisi to discuss strengthening relations and other issues of common interest.
  • It was a busy 24 hours for M&A news — Danish Arla Foods wants to snap up Domty, AngloGold Ashanti’s bid for Centamin gets the greenlight from the Egyptian Competition Authority, and updates on Amoun’s planned acquisition of Atlas for Investment and Food Industries.
  • That’s a wrap on Adnoc’s Fertiglobe acquisition: Nassef Sawiris-owned chemical producer OCI has sold its entire 50% stake in ammonia and urea producer Fertiglobe to the Abu Dhabi National Oil Company (Adnoc) in a USD 3.62 bn transaction.

☀️ TOMORROW’S WEATHER- Tomorrow’s mercury is expected to reach a high of 31°C and a cooler low of 21°C in the capital, according to our favorite weather app.

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