{"id":545899,"date":"2022-04-17T04:12:49","date_gmt":"2022-04-17T04:12:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/fab-drops-its-bid-for-efg-hermes-plus-incolease-mondi-in-transactions\/"},"modified":"2022-04-17T04:12:49","modified_gmt":"2022-04-17T04:12:49","slug":"fab-drops-its-bid-for-efg-hermes-plus-incolease-mondi-in-transactions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/fab-drops-its-bid-for-efg-hermes-plus-incolease-mondi-in-transactions\/","title":{"rendered":"FAB drops its bid for EFG Hermes. Plus: Incolease, Mondi in transactions."},"content":{"rendered":"

<\/a> Emirati lender First Abu Dhabi Bank (FAB) has <\/strong>dropped its bid for a majority stake in leading financial services corporation EFG Hermes<\/strong>, it said in a statement<\/a> Thursday, citing \u201congoing global market uncertainty and volatile macro-economic conditions.\u201d<\/p>\n

FAB first <\/strong>made its offer<\/a><\/strong> for EFG Hermes in February<\/strong>, when it proposed buying a controlling stake for EGP 19.00 a share, valuing the bank at EGP 18.5 bn (c. USD 1.2 bn). FAB said at the time that the transaction would help strengthen its offering and regional presence. The Emirati bank purchased Bank Audi Egypt last year<\/a>, making it one of Egypt\u2019s largest foreign banks in terms of assets.<\/p>\n

Are regulatory delays really to blame?<\/strong> That\u2019s the question raised by Bloomberg<\/a>, which claims Egypt\u2019s financial market regulator was \u201cslow and imposed new demands\u201d on FAB, citing unnamed people familiar with the matter. The lender would have been unable to finalize the acquisition within a planned timeframe, Bloomberg writes.<\/p>\n

\u201cEgypt remains a strategically important market for FAB,\u201d the bank said<\/strong>, adding that it \u201cwill continue to \u201cinvest in the growth of its well-established partners and operations in Egypt.\u201d<\/p>\n

EFG Hermes\u2019 shares fell 20%<\/strong> to EGP 15.46 during trading on Thursday. The EGX briefly suspended trading<\/a> of the bank\u2019s shares twice after the stock price fell 10% following news of FAB\u2019s withdrawal. FAB shares fell 3.2% on Thursday, and closed down 6.7% for the week at AED 22.30 on Friday, according to data from the ADX<\/a>.<\/p>\n

This came the same week as Abu Dhabi wealth fund ADQ <\/strong>invested USD 1.8 bn<\/a><\/strong> in several EGX-listed companies<\/strong>. The fund purchased government-held stakes in five companies including lender CIB and fintech player Fawry under an agreement with the Egyptian government to help us cope with fallout from Russia\u2019s invasion of Ukraine.<\/p>\n

IN OTHER M&A NEWS-<\/p>\n

Four state-owned institutions exit 38.7% stake in Incolease:<\/strong> A consortium made up of Banque Misr, Misr Ins. Holding (MIH) and its subsidiary Misr Life Ins., and the National Investment Bank (NIB) has sold its 38.7% stake in the International Company for Leasing (Incolease) for a total of EGP 316.9 mn, the consortium announced in a statement (pdf)<\/a>, without disclosing who bought the shares. The transaction values the company at around EGP 819 mn, by our calculations. Bank officials did not respond to a request for comment yesterday.<\/p>\n

Incolease shares have seen a lot of activity lately: <\/strong>Palm Hills Developments in March<\/a> bought another 13.7% in Incolease in two separate transactions, upping the developer\u2019s stake in the leasing firm to some 15.4%. El Tarek Automotive also acquired a 23% stake in Incolease in March. PHD, El Tarek, and the Banque Misr consortium all paid the same price of EGP 41 per share in the transactions.<\/p>\n

\n

Packaging group Mondi has acquired two of Lafarge Cement Egypt\u2019s paper <\/strong>production assets<\/strong>, National Bag and Egypt Sack, for an undisclosed sum, it said in a press release<\/a> on Wednesday. The acquisition would raise Mondi\u2019s paper bag capacity by around 150-180 mn bags annually and boost the group\u2019s position in the industry in Egypt. Per a long-term supply agreement, Mondi will also become \u201ca key supplier\u201d of paper bags to Lafarge Cement Egypt.<\/p>\n

Mondi already operates two plants in Egypt<\/strong>, and has made a series of acquisitions<\/a> to consolidate its market position in recent years, including the purchase of two paper bag lines from Helwan Cement Company and InterCement Sacs in 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

Emirati lender First Abu Dhabi Bank (FAB) has dropped its bid for a majority stake in leading financial services corporation EFG Hermes, it said in a statement Thursday, citing \u201congoing global market uncertainty and volatile macro-economic conditions.\u201d FAB first made its offer for EFG Hermes in February, when it proposed buying a controlling stake for […]<\/p>\n","protected":false},"author":1,"featured_media":545900,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[299,204,576,1002,84,72,882,1319,1726,7128,9692,9693,1725,585,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-adq","tag-banking","tag-banque-misr","tag-cement","tag-efg-hermes","tag-enterpriseam","tag-first-abu-dhabi-bank","tag-incolease","tag-lafarge-cement","tag-ma-watch","tag-misr-ins","tag-misr-life","tag-mondi","tag-national-investment-bank","tag-uae","wpautop","entry"],"acf":{"mongo_id":"003314c4-b1ce-48c1-8c81-d789953d2a6b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/4\/283.jpg","photo_position":"above","related_issue":[545895],"teaser":"","voice_url":""},"yoast_head":"\nFAB drops its bid for EFG Hermes. 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Plus: Incolease, Mondi in transactions.\" \/>\n<meta property=\"og:description\" content=\"Emirati lender First Abu Dhabi Bank (FAB) has dropped its bid for a majority stake in leading financial services corporation EFG Hermes, it said in a statement Thursday, citing \u201congoing global market uncertainty and volatile macro-economic conditions.\u201d FAB first made its offer for EFG Hermes in February, when it proposed buying a controlling stake for […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/fab-drops-its-bid-for-efg-hermes-plus-incolease-mondi-in-transactions\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-17T04:12:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/283.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/fab-drops-its-bid-for-efg-hermes-plus-incolease-mondi-in-transactions\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/fab-drops-its-bid-for-efg-hermes-plus-incolease-mondi-in-transactions\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"FAB drops its bid for EFG Hermes. 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USD 1.2 bn), the Emirati bank announced in a disclosure (pdf) to\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/136.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544776,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/21\/fab-eyes-gb-lease-takeover\/","url_meta":{"origin":545899,"position":1},"title":"FAB eyes GB Lease takeover","author":"enterpriseam admin","date":"21 March 2022","format":false,"excerpt":"First Abu Dhabi Bank (FAB) is in advanced talks with GB Auto to acquire 100% of its leasing arm GB Lease, Al Shorouk reported Saturday, citing sources familiar with the discussions. The two sides have not yet settled on a valuation but an agreement is supposed to be finalized some\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543691,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/14\/efg-looks-to-hire-advisers-for-fab-acquisition-bid\/","url_meta":{"origin":545899,"position":2},"title":"EFG looks to hire advisers for FAB acquisition bid","author":"enterpriseam admin","date":"14 February 2022","format":false,"excerpt":"EFG Hermes is looking to appoint an international financial advisor and an Egyptian law firm to advise on First Abu Dhabi Bank\u2019s acquisition offer, the leading financial services corporation announced yesterday in an EGXdisclosure(pdf). EFG\u2019s board of directors held a meeting on Thursday to discuss the possible transaction and hiring\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/183.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543861,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/22\/goldman-sachs-to-advise-efg-on-bid-by-fab-board-okays-start-of-due-diligence\/","url_meta":{"origin":545899,"position":3},"title":"Goldman Sachs to advise EFG on bid by FAB, board okays start of due diligence","author":"enterpriseam admin","date":"22 February 2022","format":false,"excerpt":"Goldman Sachs and law firm White & Case will advise EFG Hermes\u2019 board of directors on a takeover bid by First Bank of Abu Dhabi (FAB), EFG said in a regulatory filing (pdf) that confirmed reports earlier this week that it was planning to tap the international investment bank.The board\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/313.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543804,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/20\/is-goldman-sachs-being-tapped-to-advise-efg-on-fabs-acquisition-bid-plus-old-mutual-has-competition-for-lekela-stake\/","url_meta":{"origin":545899,"position":4},"title":"Is Goldman Sachs being tapped to advise EFG on FAB\u2019s acquisition bid? Plus: Old Mutual has competition for Lekela stake.","author":"enterpriseam admin","date":"20 February 2022","format":false,"excerpt":"EFG Hermes plans to pick Goldman Sachs to advise shareholders on First Abu Dhabi Bank\u2019s (FAB) acquisition bid, Bloomberg reported over the weekend, quoting sources familiar with the matter. Goldman ranked first for transaction advisory services in the Middle East last year, according to Bloomberg data.EFG Hermes said it was\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/268.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561827,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/fab-begins-share-transfer-in-bank-audi-acquisition\/","url_meta":{"origin":545899,"position":5},"title":"FAB begins share transfer in Bank Audi acquisition","author":"enterpriseam admin","date":"22 April 2021","format":false,"excerpt":"First Abu Dhabi Bank (FAB) has begun the share transfer process in its acquisition of 100% of Bank Audi\u2019s Egypt operations, FAB said in astatement (pdf). Once the share transfer is complete, FAB will begin merging the assets and operations of both Bank Audi Egypt and FAB Egypt, with the\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/230.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=545899"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545899\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/545895"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/545900"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=545899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=545899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=545899"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=545899"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=545899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}