{"id":568139,"date":"2020-12-20T04:15:26","date_gmt":"2020-12-20T04:15:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/20\/tons-and-tons-of-ma-news\/"},"modified":"2020-12-20T04:15:26","modified_gmt":"2020-12-20T04:15:26","slug":"tons-and-tons-of-ma-news","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/20\/tons-and-tons-of-ma-news\/","title":{"rendered":"Tons and tons of M&A news"},"content":{"rendered":"

<\/a> Greek energy company Energean has completed the acquisition of Edison\u2019s <\/strong>energy portfolio<\/strong>, which includes substantial oil and gas assets in Egypt, the company said in a statement (pdf)<\/a>. Having originally asked for USD 850 mn<\/a>, the Italian company agreed to slash its asking price<\/a> by more than 60% to USD 284 mn earlier this year as the coronavirus pandemic roiled energy markets. Edison received USD 203 mn as a net consideration.<\/p>\n

What has Energean bought? <\/strong>Egyptian fields were a core part of Edison\u2019s oil and gas unit, making up 24% of its portfolio. It includes three producing concessions and six exploration blocks. The production assets included a 100% stake in Abu Qir, a 60% stake in West Wadi El Rayan and a 20% stake in Rosetta. They also covered 100% stakes in three assets under development, including the North Amriya and North Idku fields. These assets averaged a production of 48.1k barrels of oil equivalent a day in the first nine months of the year, Energean said.<\/p>\n

Nutrien exits Egypt stage left<\/p>\n

Canadian fertilizer producer Nutrien will sell its entire 26% stake in state-owned <\/strong>Misr Fertilizers Production Company<\/strong> (Mopco) in a USD 540 mn transaction, the company said in a statement<\/a> on Friday. Nutrien, which holds some 59.57 mn of Mopco\u2019s 229.12 mn shares<\/a>, said that the investment had contributed between USD 15-20 mn a year to its adjusted earnings.<\/p>\n

Egypt to pay out mns of USD in settlements:<\/strong> The company said that it expects to receive USD 540 mn before the end of December, which includes the value of the shares and settlements from arbitration cases filed against Mopco subsidiary the Egyptian Nitrogen Products Company (ENPC). Nutrien predecessor Agrium last year filed a case against ENPC<\/a> in the International Court of Arbitration seeking USD 140 mn in damages for what it said was ENPC\u2019s failure to stick to a marketing agreement.<\/p>\n

OTHER M&A NEWS- Madinet Nasr for Housing and Development (MNHD) is unhappy with <\/strong>an offer from Odin Investments <\/strong>to acquire its subsidiary, El Nasr Civil Works. A mandatory tender offer Odin lodged last week<\/a> for 90% of the company at EGP 11 per share is low compared to El Nasr\u2019s earnings and financial position, MNHD said in a regulatory filing (pdf)<\/a> on Thursday. MNHD has asked El Nasr\u2019s board to appoint an independent financial advisor to revalue the company. The developer holds 52.4% in El Nasr, with 19.3% held by the Holding Company for Construction and Development and 5% by the worker\u2019s union; the rest is in freefloat. El Nasr shares closed on Thursday at EGP 15.33, up 5% from the day before.<\/strong><\/p>\n

More on the M&A front:<\/strong><\/p>\n