Arab Finance: The all-share merger between state-owned Egyptian Ethylene and Derivatives Company (Ethydco) and Sidi Kerir Petrochemicals (Sidpec) has returned to the financial evaluation stage, Al Mal News reported, citing sources familiar with the matter.
In July 2023, Sidpec’s board approved the merger after Baker Tilly's valuations estimated Ethydco’s value at EGP 33.5 billion and Sidpec’s at approximately EGP 23.1 billion.
However, the merger was paused when Abu Dhabi’s sovereign wealth fund ADQ acquired 30% of Ethydco, 35% of Egyptian Linear Alkyl Benzene (Elab), and 25% of the Egyptian Drilling Company (EDC) for $800 million in October.