Planet to match Qatar offer for EFG Hermes

Company makes pledge on guarantees offered by QInvest to to Egyptian investment bank
Planet to match Qatar offer for EFG Hermes
By Reuters
Mon 04 Jun 2012 07:35 PM

Egypt's Planet, which is seeking to take over EFG Hermes, said on Monday it intended to match financial and legal guarantees as well as other undertakings made by its Qatari competitor, which has a merger deal with the Egyptian investment bank.

Planet said it was ready to begin due diligence immediately in preparation for its intended offer to buy 100 percent of EFG's shares.

Qatar's QInvest is in the process of forming a joint venture with EFG Hermes that would take control of many of the bank's main businesses.

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