{"id":653438,"date":"2024-10-16T00:00:00","date_gmt":"2024-10-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/16\/domty-shares-up-20-following-arla-acquisition-news\/"},"modified":"2024-10-16T00:00:00","modified_gmt":"2024-10-16T00:00:00","slug":"domty-shares-up-20-following-arla-acquisition-news","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/16\/domty-shares-up-20-following-arla-acquisition-news\/","title":{"rendered":"Domty shares up 20% following Arla acquisition news"},"content":{"rendered":"

Good afternoon, everyone<\/strong>, 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.<\/p>\n

\n

THE BIG STORY TODAY<\/p>\n

Domty shares up <\/strong>20.0%<\/strong> following news of Arla acquisition: <\/strong>Domty\u2019s incoming acquisition<\/a> by Danish Arla Foods for up to 100% of the company (pdf)<\/a> 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.<\/p>\n

Domty wasn\u2019t the only dairy company on the bourse having a good day<\/strong>, with all of the country\u2019s major dairy producers finishing the day 20% up, including Juhayna, Arab Dairy, and Obour Land.<\/p>\n

Arla is paying a 74.6% premium on the share price on the day the acquisition was<\/strong> announced. <\/strong>Naeem Holding\u2019s VP of equity research, Hesham Hamdey, pointed to the premium as evidence of Egyptian stocks being undervalued in comments to Asharq Business<\/a>. Thndr Securities\u2019 chief equity strategist, Amr Elalfy also told the outlet that the price premium can be explained as a control premium.<\/p>\n

\n

THE BIG STORY ABROAD<\/p>\n

The focus of the global press is split between Israel\u2019s wars on its neighbors and the <\/strong>seemingly never-ending US election cycle. <\/strong>Over in our corner of the world, it is being reported that Israel killed 15 in airstrikes on the Lebanese town of Qana \u2014 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\u2019s strikes on the country catching the attention of the international press<\/a> is its airstrike on Nabatieh, killing at least five people \u2014 including the city\u2019s mayor Ahmed Kahil \u2014 which Lebanese Prime Minister Najib Mikati claimed was \u201cintentionally targeting\u201d a meeting to aid relief efforts. <\/p>\n

With only 19 days to go until the election, US election drama<\/strong> is ramping up once again.<\/strong> One story making the rounds is that tech oligarch Elon Musk has given nearly USD 75 mn<\/a> to aid Donald Trump\u2019s 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 \u201cIf Trump doesn\u2019t win this election, it\u2019s the last election we\u2019re going to have.\u201d Trump, likewise, has also not been shying away from dangerous rhetoric<\/a>, telling Fox News in a recent interview that he could call on the National Guard to deal with the \u201cenemy from within\u201d \u2014 read: people who disagree with him.<\/p>\n

\n
\n
\n
\n

Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM:<\/strong><\/p>\n