{"id":550671,"date":"2022-04-14T12:55:02","date_gmt":"2022-04-14T12:55:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/14\/this-evening-first-abu-dhabi-bank-withdraws-efg-acquisition-bid-musk-wants-all-of-twitter-plus-nyc-subway-shooter-arrested\/"},"modified":"2022-04-14T12:55:02","modified_gmt":"2022-04-14T12:55:02","slug":"this-evening-first-abu-dhabi-bank-withdraws-efg-acquisition-bid-musk-wants-all-of-twitter-plus-nyc-subway-shooter-arrested","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/14\/this-evening-first-abu-dhabi-bank-withdraws-efg-acquisition-bid-musk-wants-all-of-twitter-plus-nyc-subway-shooter-arrested\/","title":{"rendered":"THIS EVENING: First Abu Dhabi Bank withdraws EFG acquisition bid + Musk wants all of Twitter. Plus: NYC subway shooter arrested."},"content":{"rendered":"<p><strong>We made it to the weekend, friends<\/strong>, and we\u2019re being rewarded with yet another big news day to really feel like we\u2019ve earned some rest.<\/p>\n<p><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>First Abu Dhabi Bank (FAB) has <\/strong><strong>withdrawn its <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d68b5eb-a11f-4c88-b404-0e64bb3de85d\">bid to acquire a controlling<\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d68b5eb-a11f-4c88-b404-0e64bb3de85d\">stake<\/a><\/strong><strong> in EFG Hermes<\/strong>, the premier financial services corporation in frontier emerging markets, the Emirati bank said in <a href=\"https:\/\/www.bankfab.com\/en-ae\/about-fab\/group\/in-the-media\/20221404-first-fab-withdraws-its-non-binding-offer-for-majoritstake-in-efg-hermes-holding\">a statement<\/a>. FAB\u2019s withdrawal came due to \u201congoing global market uncertainty and volatile macro-economic conditions,\u201d according to the Emirati lender, which stressed the strategic importance of Egypt as a market.<\/p>\n<p><strong>EFG Hermes\u2019 shares closed down nearly 20% at EGP 15.46<\/strong> after a trading day that saw circuit breakers triggered twice in one session when the corporation\u2019s shares slid 10%, according to an <a href=\"https:\/\/ent.news\/2022\/4\/Screen-Shot-2022-04-14-at-2.18.29-PM.png\">EGX news bulletin<\/a>.<\/p>\n<p><strong>^^We\u2019ll have more on this story<\/strong> and others in tomorrow morning\u2019s edition of <strong>EnterpriseAM<\/strong>.<\/p>\n<p><strong>THE BIG STORIES ABROAD<\/strong><\/p>\n<p><strong>It\u2019s one of those rare days when the global press has big stories outside of the Russia-Ukraine war: <\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>#1- Tesla CEO Elon Musk wants Twitter. All of it.<\/strong> After <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4d1582b4-4159-4181-8613-7a19dada28b7\">snapping up a 9.2% stake<\/a> in the platform earlier this month for around USD 2.89, Musk now wants to acquire the entire social media company, submitting a non-binding proposal to buy Twitter for around USD 41 bn, according to <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/0001418091\/000110465922045641\/tm2212748d1_sc13da.htm\">a regulatory filing<\/a>. Musk is offering USD 54.20 per share \u2014 a 38% premium over Twitter\u2019s closing price on 1 April, according to <a href=\"https:\/\/www.reuters.com\/technology\/elon-musk-offers-buy-twitter-5420-per-share-2022-04-14\/\">Reuters<\/a>. The story is leading the conversation in the <a href=\"https:\/\/www.ft.com\/content\/e1b87776-2f7d-459d-9671-f3e58f79fc73\">Financial Times<\/a>, the <a href=\"https:\/\/www.wsj.com\/articles\/elon-musk-offers-to-buy-rest-of-twitter-for-54-20-a-share-11649932296?mod=hp_lead_pos1\">Wall Street Journal<\/a>, and others.<\/p>\n<p><strong>#2- New York police have arrested a suspect in this week\u2019s shooting in the city\u2019s subway<\/strong>, ending a nearly 30-hour-long manhunt, <a href=\"https:\/\/www.wsj.com\/articles\/brooklyn-shooting-latest-police-hunt-person-of-interest-as-busy-new-york-rush-hour-gets-under-way-11649844816\">the Wall Street Journal<\/a> reported. Alleged attacker Frank James, 62, was taken into custody last night in lower Manhattan, close to the scene of Tuesday\u2019s attack which injured 23 people during morning commute rush. James will be charged with committing an act of terror on mass transit, and faces life imprisonment, according to federal prosecutors.<\/p>\n<hr class=\"grey-line\">\n<p><strong>CORRECTION<\/strong><strong> + APOLOGY- In the Wednesday edition of EnterpriseAM, we erroneously <\/strong><strong>reported that the government was exploring the possibility of purchasing wheat outside the established tender system. <\/strong>The story incorrectly reported remarks attributed to Mr. Sherif Bassili, the chairman of the Egyptian Holding Company for Silos and Storage. Mr. Bassili spoke with Enterprise on background only and we misconstrued his remarks. We have retracted the story, which no longer appears on our website, and apologize to Mr. Bassili.<\/p>\n<p><strong>SMART POLICY- The Madbouly government is working hard to rebuild wheat stocks<\/strong>, including through increasing its purchase from the domestic harvest and, just yesterday, by purchasing 350k tons of wheat from France, Russia, and Bulgaria in its first successful tender since war broke out in Europe\u2019s breadbasket<\/p>\n<hr class=\"grey-line\">\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>Egypt to increase LNG exports to Europe with Eni:<\/strong> The Italian energy firm yesterday <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3447a945-6e65-40df-be0e-8cb09f5d1167\">signed an agreement<\/a> in Cairo with the state-owned Egyptian Natural Gas Holding Company (EGAS) designed to \u201cmaximize\u201d Egyptian LNG exports to Europe and boost Eni\u2019s gas production here.<\/li>\n<li><strong>State grain buyer the General Authority for Supply Commodities (GASC) <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3447a945-6e65-40df-be0e-8cb09f5d1167\">bought 350k tons of wheat<\/a><\/strong> from France, Russia, and Bulgaria in its first successful tender since war broke out in Europe\u2019s breadbasket. The average price (accounting for freight) stood at nearly USD 490 per ton \u2014 the highest in nearly six years, and up by around half what GASC paid in its last international purchase in mid-February. <strong>GASC and the Mabdouly cabinet are working overtime to shore up reserves <\/strong>after the global market was upended by the war in Ukraine.<\/li>\n<li><strong>Abu Dhabi sovereign fund confirms blockbuster EGX stake buys + Could Abu Auf be next in line for ADX investment?<\/strong> Abu Dhabi wealth fund ADQ has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/79939fba-71a7-4429-bbfc-eb8dd4d6a2b1\">confirmed its acquisition<\/a> of stakes in five EGX-listed companies \u2014 CIB, Fawry, Abu Qir Fertilizers, Alexandria Container & Cargo Handling, and Mopco \u2014 this week, for around USD 1.8 bn. Separately, Agthia, the ADQ food subsidiary that acquired Ismailia, is in talks with Abu Auf\u2019s parent company AUF on a potential stake sale.<\/li>\n<\/ul>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>NEXT WEEK-<\/strong><\/p>\n<p><strong>Early pensions ahead of Eid: <\/strong>The government will disburse pensions for retired public sector workers early this month, on 22 April, ahead of Eid El Fitr and Coptic Easter, the National Authority for Social Ins. <a href=\"https:\/\/nosi.gov.eg\/ar\/News\/Pages\/13-4-2022.aspx\">announced<\/a> yesterday.<\/p>\n<p><strong>The World Bank + IMF\u2019s <\/strong><strong><a href=\"https:\/\/meetings.imf.org\/en\/2022\/Spring\">spring meetings<\/a><\/strong> are taking place in Washington next Monday, 18 April, and will run until Saturday, 23 April.<\/p>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Higher Education Minister Khaled Abdel Ghaffar will address AmCham\u2019s Pre-Annual General Meeting and Iftar<\/strong> which will be held on Monday, 18 April from 6-8pm at The Nile Ritz Carlton. Abdel Ghaffar will give a talk titled \u201cBolstering Investments in Egypt\u2019s Healthcare and Pharma sectors: Vision and Strategic Priorities.\u201d<\/p>\n<p><strong>Consoleya is hosting an investors\u2019 talk and sohour with Cairo Angels next Sunday<\/strong>, 17 April at 9pm. The event will begin with a Fireside Chat on e-commerce, featuring former Jumia CCO Fran\u00e7ois D\u2019hautefort, with Cairo Angels Founder Hossam Allam as moderator, with a sohour and networking session for investors following the talk. You can <a href=\"https:\/\/bit.ly\/3ro6iNw\">register for the event here<\/a>.<\/p>\n<p><strong>Companies have less than a week to file their first quarterly ESG compliance report:<\/strong> Listed firms and non-bank financial services companies need to submit their first quarterly ESG report by 20 April, the Financial Regulatory Authority (FRA) <a href=\"https:\/\/fra.gov.eg\/custompdfs\/2481616-2\/\">announced last week<\/a>. The regulator is making it mandatory for corporates to publicly disclose their performance on key environmental, social and governance metrics each year when they submit their annual financial statements, starting 2023. <strong>Reach out to <\/strong><strong><a href=\"mailto:mtaalab@inktankir.com\">Moustafa Taalab at InkankIR<\/a><\/strong>, our parent company, if you need some help.<\/p>\n<p>Further afield, <strong>Egypt will host the Asian Infrastructure Investment Bank\u2019s Annual Meeting<\/strong><strong> of the Board of Governors in 2023<\/strong>, Finance Minister Mohamed Maait and execs at the Asian Infrastructure Investment Bank agreed during a meeting, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/380561820780911\">cabinet statement<\/a>. The move comes as Egypt aims to bolster multilateral cooperation between Asia and Africa and become a regional logistics hub for transport and energy.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- Enjoy this weekend\u2019s weather before a heatwave hits on<\/strong><strong> Sunday:<\/strong> Expect a daytime high of 29\u00b0C on Friday and 32\u00b0C on Saturday with overnight lows of 14-20\u00b0C, our favorite weather app tells us. On Sunday, we\u2019re hitting 42\u00b0C during the day in a brief heatwave that will dissipate by Monday.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We made it to the weekend, friends, and we\u2019re being rewarded with yet another big news day to really feel like we\u2019ve earned some rest. THE BIG STORY TODAY First Abu Dhabi Bank (FAB) has withdrawn its bid to acquire a controllingstake in EFG Hermes, the premier financial services corporation in frontier emerging markets, the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[7213],"tags":[2399,84,637,633,882,7128,1010,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-550671","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-asian-infrastructure-investment-bank","tag-efg-hermes","tag-elon-musk","tag-enterprisepm","tag-first-abu-dhabi-bank","tag-ma-watch","tag-twitter","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"2abbf6a4-d7cd-414c-86d0-bfc65ec80c7c","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[550669],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS EVENING: First Abu Dhabi Bank withdraws EFG acquisition bid + Musk wants all of Twitter. 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Sources said that \u201cGoldman Sachs Group Inc., Morgan Stanley and EFG-Hermes are helping\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","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":550671,"position":1},"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 &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;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":543628,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/first-abu-dhabi-bank-makes-play-for-efg-hermes\/","url_meta":{"origin":550671,"position":2},"title":"First Abu Dhabi Bank makes play for EFG Hermes","author":"enterpriseam admin","date":"10 February 2022","format":false,"excerpt":"First Abu Dhabi Bank wants EFG Hermes: First Abu Dhabi Bank (FAB) has offered to buy a majority stake in leading financial services corporation EFG Hermes in an all-cash acquisition that values it at EGP 18.5 bn (c. USD 1.2 bn), the Emirati bank announced in a disclosure (pdf) to\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;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":543691,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/14\/efg-looks-to-hire-advisers-for-fab-acquisition-bid\/","url_meta":{"origin":550671,"position":3},"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 &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;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":545899,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/fab-drops-its-bid-for-efg-hermes-plus-incolease-mondi-in-transactions\/","url_meta":{"origin":550671,"position":4},"title":"FAB drops its bid for EFG Hermes. Plus: Incolease, Mondi in transactions.","author":"enterpriseam admin","date":"17 April 2022","format":false,"excerpt":"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.\u201dFAB first made its offer for EFG Hermes in February, when it proposed buying\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/283.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544245,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/21\/tonight-efg-hermes-greenlights-fab-due-diligence-appoints-goldman-to-advise-jordan-pm-covid-positive-following-business-talks-in-cairo-another-day-another-scandal-at-credit-suisse\/","url_meta":{"origin":550671,"position":5},"title":"TONIGHT: EFG Hermes greenlights FAB due diligence + appoints Goldman to advise; Jordan PM covid positive following business talks in Cairo; Another day, another scandal at Credit Suisse.","author":"enterpriseam admin","date":"21 February 2022","format":false,"excerpt":"We really can\u2019t seem to a catch a break from the barrage of news that 2022 is throwing our way: We have another update on the potentially huge acquisition of EFG Hermes by First Abu Dhabi bank while more pieces are falling into place ahead of this year\u2019s COP27 summit\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/550671","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=550671"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/550671\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/550669"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=550671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=550671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=550671"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=550671"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=550671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}