Middle East mergers and acquisitions, at a six-year high, will be driven by sovereign wealth funds and regional transactions amid an economic recovery in the Persian Gulf, according to a Barclays Plc executive.
Orascom Construction Industries, Egypt’s biggest publicly-traded company, moved closer to delisting in Cairo after holders of 89 percent of shares accepted a buyout offer. The stock sank the most since March.
Most Egyptian stocks rose after rallies in support of the military-led government overshadowed deadly clashes between police and opposition protesters. Orascom Construction Industries fell as a buyout offer expired.
Orascom Construction Industries expects a transaction backed by Bill Gates for transferring the company’s shares into an Amsterdam-based unit to be concluded within four weeks, an executive said today.
Egypt’s benchmark stock index headed for the lowest close in two weeks after the country’s army chief urged the public to protest, spurring concern that unrest since former President Mohamed Mursi was toppled could escalate.
Orascom Construction Industries headed for the biggest surge in more than seven years after OCI NV obtained regulatory approval to buy shares of Egypt’s biggest publicly traded company at an 18 percent premium.
Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.