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

Egyptian billionaire Naguib Sawiris informed EFG-Hermes Holding SAE 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.

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