A major bank in the United Arab Emirates announced an offer today to buy an Egyptian investment bank.
First Abu Dhabi Bank (FAB) said they made a “non-binding offer” for a cash acquisition of a majority stake in EFG Hermes, which is publicly traded on the Egyptian stock exchange. The offer is for a minimum of 51 percent of EFG Hermes shares, pending regulatory approval from authorities in the UAE and Egypt. FAB is offering to pay for the shares in cash at a price of 19 Egyptian pounds ($1.20) per share. The final price will be set after the regulatory approval, the bank said in a press release.
