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Acquisition talks to resume between Egypt's Olympic and Electrolux acquisition plan had been suspended due to Egypt's political unrest in the wake of the protests that led to the toppling of President Hosni Mubarak
Egyptian appliance maker Olympic Group is resuming talks with Sweden's Electrolux over the acquisition of Olympic Group's assets, Olympic said in a statement to the bourse on Wednesday. Electrolux said in October that it had agreed to buy Olympic Group, with which the Swedish firm has worked for 30 years, for a net cost of 2.2 billion Egyptian pounds. The acquisition plan had been suspended due to Egypt's political unrest in the wake of the protests that led to the toppling of President Hosni Mubarak. Electrolux said it would pay owner Paradise Group 45.30 Egyptian pounds per share for a 52 percent stake and then launch an offer for the rest of the company on completion of the deal at the same price.