CIB scraps talks with OTMT’s Beltone Financial on CI Capital acquisition
According to Reuters, the Commercial International Bank (CIB) [COMI.CA] has scrapped talks with OTMT’s [OTMT.CA] subsidiary Beltone Financial (Beltone) for the acquisition of the former’s investment arm, CI Capital. Following several delays and extensions due to regulatory hurdles, CIB has decided not to extend the contract. Beltone had offered to acquire CI Capital for a total consideration of EGP924mn. (Reuters) OTMT: EGP0.70 as of 09 June 2016, Rating: Sell, FV: EGP0.53 per share, MCap: USD414 million, OTMT EY / OTMT.CA CIB: EGP44.12 as of 09 June 2016, Rating: Neutral, FV: EGP46.38 per share, MCap: USD5,733 million, COMI EY / COMI.CA
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