Beltone and Pioneer scrap merger

Mon, Jul 05 - 2010

Egyptian lender, Beltone Financial and Pioneers Holding have scrapped a $62 million acquisition after failing to agree on a strategy for the merged firm, Reuters has reported. Under the plan, announced in November and approved by shareholders of both companies, Pioneers would have acquired Beltone in an all-share deal creating an entity with EGP29.2bn ($5.13bn) under management. Beltone's head of investor relations, Osama Rashad, told the news service the deal fell through due to "lack of agreement on future strategy for the new entity".

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mohamed  05/07/2010

  Pioneer Holdings was to issue 100 million new shares to give Beltone shareholders a 17% stake in the merged firm. 

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