CAIRO: Private equity firm Citadel Capital said it “has not received a direct offer of acquisition from any party,” according to a statement, a day after reports indicated it was in talks regarding a potential stake sale. On Wednesday, a source told Reuters that Dubai-based Abraaj Capital has held talks with Egypt's Citadel Capital with a view to possibly buying a stake in the rival private equity firm. The talks are still at a very preliminary stage and no formal offer has been made, said the source, who did not want to be identified. Citadel said in its statement that it “has not received a direct offer of acquisition from any party, nor has it received information from its shareholders suggesting that a formal offer has been presented to any of them. “The firm's management will always seek to enhance shareholder returns and protect the interests of all its stakeholders, including its co-investors and employees.” Abraaj manages assets of over $6 billion and Citadel manages assets of $4 billion. “We further note in this context that as is the nature of private equity firms, Citadel Capital SAE is frequently in negotiations to divest or acquire investments,” adding that in the event of such a transaction or talks of a possible deal, the information will be disclosed to the stock exchange and investors.
