{"id":606330,"date":"2023-09-14T00:00:00","date_gmt":"2023-09-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/14\/adq-may-need-to-make-an-mto-for-sidpec-following-its-merger-with-ethydco\/"},"modified":"2023-09-14T00:00:00","modified_gmt":"2023-09-14T00:00:00","slug":"adq-may-need-to-make-an-mto-for-sidpec-following-its-merger-with-ethydco","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/14\/adq-may-need-to-make-an-mto-for-sidpec-following-its-merger-with-ethydco\/","title":{"rendered":"ADQ may need to make an MTO for Sidpec following its merger with Ethydco"},"content":{"rendered":"

The Sidpec-Et <\/strong> hydco merger could trigger an MTO: <\/strong>Abu Dhabi wealth fund ADQ\u2019s acquisition of a 27% stake in state-owned Egyptian Ethylene and Derivatives Company (Ethydco) could mean that a mandatory tender offer (MTO) is triggered when Ethydco merges with EGX-listed Sidi Kerir Petrochemicals (Sidpec), A<\/a> l<\/a> Ma<\/a> l<\/a> reports, citing sources it says are in the know. <\/p>\n

Transaction #1- ADQ is buying into Ethydco. <\/strong>The Abu Dhabi wealth fund will pay USD 280 mn for a 27% stake in Ethydco currently held by the state-owned National Investment Bank and GASCO, local media reported over the summer. <\/p>\n

Transaction #2- Ethydco and Sidpec will merge. <\/strong>EGX-listed Sidpec\u2019s board in July signed off<\/a> on<\/a> the all-share merger after approving a fair value study by financial advisor Baker Tilly. The study values Ethydco shares at EGP 2,420.09 apiece and Sidpec shares at some EGP 30.60 each. Sidpec is issuing up to 877 mn new shares in a capital increase to allocate to Ethydco shareholders under the merger. <\/p>\n

The FRA is looking into how #1 impacts #2: <\/strong>The country\u2019s financial regulator is looking into whether \u201cfuture shareholders\u2019 stakes\u201d in Ethydco would trigger an MTO that would require ADQ to make an offer for all of the merged Sidpec-Ethydco entity, according to Al Mal\u2019s sources. An MTO is generally triggered when a company looks to acquire 33% or more of the shares or voting rights of another company.<\/p>\n

BACKGROUND: <\/strong>Ethydco was among three firms in which ADQ agreed<\/a> to buy a 25-30% stake back in July, for a total USD 800 mn. The other two firms were Egyptian Linear Alkyl Benzene (Elab), and Egyptian Drilling Company (EDC). The three firms had been warehoused in the Sovereign Fund of Egypt\u2019s pre-IPO fund. All three stake buys are <\/strong>expected to close<\/a><\/strong> by the end of this month<\/strong>. <\/p>\n","protected":false},"excerpt":{"rendered":"

ADQ is buying a 27% stake in Ethydco, which could translate into a controlling stake in the company formed when Ethydco merges with Sidpec<\/p>\n","protected":false},"author":1,"featured_media":606331,"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":[7321],"tags":[299,6680,72,6815,7196,7128,705,81,8726],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-606330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-adq","tag-egypt-uae-relations","tag-enterpriseam","tag-ethydco","tag-industry","tag-ma-watch","tag-petrochemicals","tag-privatization-watch","tag-sidpec","wpautop","entry"],"acf":{"mongo_id":"c1705f75-8bd1-459a-a8bb-fec192a6abbf","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/924.JPG","photo_position":"above","homepage_title":"","full_issue_title":"ADQ may need to make an MTO for Sidpec following its merger with Ethydco","related_issue":[606316],"teaser":"ADQ is buying a 27% stake in Ethydco, which could translate into a controlling stake in the company formed when Ethydco merges with Sidpec","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.e6c0e285-5b27-4305-873d-7069572887e2.mp3"},"yoast_head":"\nADQ may need to make an MTO for Sidpec following its merger with Ethydco - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/14\/adq-may-need-to-make-an-mto-for-sidpec-following-its-merger-with-ethydco\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ADQ may need to make an MTO for Sidpec following its merger with Ethydco\" \/>\n<meta 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