Sawiris-Beltone alliance failed to reach a deal to acquire 20% a stake in Egypt's biggest investment bank EFG-Hermes, said the market regulator chief on Monday. According to the regulator chief Sherif Samy, the deal flopped after the bidders, Beltone Financial and Naguib Sawiris' New Egypt Investment Fund refused to buy the offered amount of shares of 9.5% in EFG-Hermes (HRHO.CA). The bid consortium attracted offers for 54.4 million shares, or around 9.49% of EFG Hermes' outstanding shares, at 16 Egyptian pounds; while they asked for 20% stake in the investment bank, Samy told Amwal Al Ghad in a phone interview. The total offered shares in the voluntary tender offer made by businessman Naguib Sawiris and Beltone Financial Holding for a 20% stake in EFG-Hermes amounted to nearly 55 million shares at the close of the tender offer's validity on Sunday, which represent 47.95% of the deal's value. Last July 18, the market regulator – the Egyptian Financial Supervisory Authority (EFSA) approved the offer submitted by Sawiris-Beltone alliance to acquire 20% of EFG-Hermes at EGP 16 per share.
