Regions :: Africa :: Egypt
Orascom Sells its Share in Gavilon to Marubeni; Will Continue to Market in North America
10:19 AM MDT | May 30, 2012 | Natasha Alperowicz
Orascom Construction Industries (OCI; Cairo) says that its wholly-owned subsidiary OCI Fertilizer Holding has agreed to sell its 16.8% stake in the Gavilon Group to Marubeni following Marubeni’s agreement to acquire 100% of Gavilon for $3.6 billion. OCI says it will receive approximately $ 604.8 million for its stake. The company initially paid $ 340 million for its stake in July 2008. The transaction is expected to close by September and OCI will use the cash to finance its fertilizer group’s expansion in North America and potentially invest...
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