Egypt’s Orascom Investment backs away from Nile Sugar acquisition

Orascom Investment Holding, owned by Egyptian billionaire Naguib Sawiris, said on Tuesday it will not pursue with the acquisition of Egyptian refiner Nile Sugar Company.

Orascom Investment Holding, owned by Egyptian billionaire Naguib Sawiris, said on Tuesday it decided to withdraw its offer to acquire all shares in Egyptian refiner Nile Sugar Company.

The company said it could not reach any agreement with Nile Sugar on the terms of its proposed acquisition offer.

Earlier in September, Orascom’s board gave initial approval to an investment committee proposal to acquire Nile Sugar and later appointed BDO Corporate Finance to establish a fair share price before it proceeds with the deal.