Nassef Sawiris offers €4.10/share in cash to buy OCI Global's remaining 41.72% stake, valuing the chemicals group at €867M with board backing.
EGYPT · MARKETS
Key Facts
—The bid: Nassef Sawiris has offered €4.10 a share in cash to take chemicals group OCI Global private.
—Price tag: The all-cash offer values OCI at about €867 million, a premium of roughly 2% to the prior close.
—Already in control: Sawiris owns 49.21% of OCI and the wider family 58.28%, so he is bidding for the 41.72% he does not hold.
OCI N.V. recommends the unsolicited all-cash Offer from NNS at EUR 4.10 per share. The Court-appointed Directors consent to the convocation of an extraordinary general meeting to submit the OCI-Orascom transaction to a shareholder vote.
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