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OCI NV to proceed with Orascom tender offer, reduce share price
Orascom Construction Industries' parent company, OCI NV, says it will proceed with offer to acquire OCI's Egypt-listed shares and reduce price offered to shareholders
Tamim Elyan Published in Ahram Online on 14 - 05 - 2013

Dutch-listed OCI NV will proceed with its tender offering for shares in its subsidiary, Orascom Construction industries (OCI), reducing the price offered to shareholders from LE280 to LE255, the company said in a Tuesday statement.
OCI, Egypt's largest listed firm, said it had been advised by its parent company to "formally proceed with the filing of all necessary documentation" to the relevant Egyptian authorities so as to complete a deal experts say will boost investor confidence in the Egyptian market.
OCI NV announced the exchange offer in January, through which holders of OCI's global depository receipts were offered shares in OCI NV, while holders of the firm's Egypt-listed shares were given the option of cash or OCI NV shares.
On 13 February, OCI shareholders approved the offer before Egyptian financial authorities requested additional clarification on the deal.
OCI NV has signed extensions to the equity commitments made by participating US investors, the statement said.
OCI NV, an international fertiliser, engineering and construction company, said it had obtained commitments in excess of $2 billion from participating investors to pay shareholders who elect to sell their ordinary OCI shares for cash.
This included $1 billion from US investors, including Cascade Investment LCC – which is wholly owned by Microsoft founder Bill Gates – as well as Southeastern Asset Management and Davis Selected Advisers.
http://english.ahram.org.eg/News/71424.aspx

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