Sawiris to Drop Out of EFG-Hermes Buyout, Reuters Reports

Egyptian billionaire Naguib Sawiris informed EFG-Hermes Holding SAE (HRHO) that one of the conditions for his participation in the Planet IB Ltd. bid hasn’t been fulfilled, Reuters reported today.

Sawiris said he would have participated in Planet IB’s bid had the shareholders voted against the QInvest LLC deal on June 2, the news agency reported, citing an unidentified official at EFG-Hermes.

Sawiris and Hanzada Nessim, a spokeswoman for EFG-Hermes, declined to comment when contacted by Bloomberg News today. Mahmoud Abdel Latif, Planet’s chairman, didn’t answer two phone calls seeking comment.

To contact the reporter on this story: Ahmed A Namatalla in Cairo at

To contact the editor responsible for this story: Claudia Maedler at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.