Sam Zell completes purchase of EMG stakeLior Baron 17 Jul 07 10:39
Zell will buy the shares from Hussein Salem.
Egypt’s East Mediterranean Gas Co. (EMG) continues to draw investors from overseas. The latest to join is American Jewish financier Sam Zell who has acquired 12% of EMG for $250-260 million.
Zell will acquire his stake through a company he will set up together with real estate tycoon David Fisher. Zell will own 60% of the new company and Fisher will own the rest. The acquisition of the stake in EMG reflects a value of $2.2 billion for the Egyptian company, a similar value to recent deals involving institutional shareholders.
Zell and Fisher will buy the share from Egyptian businessman Hussein Salem, a close associate of Egyptian president Hosni Mubarak. Salam's 65% stake in EMG will be reduced to 50-55% following the sale.
EMG, in which Joseph (Yossi) Maiman is also a partner, is set to become Israel's key supplier of natural gas from 2008.
Published by Globes [online], Israel business news - http://www.globes.co.il/ - on July 17, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007
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( It appears $250.000.000.00 is the going price to control a corporation these days! Anyone want to chip in and create a pool and see what we can buy. Maybe we can get Microsoft for about $500.000.000.00........if that's not enough, we can always create an ESOP!)
.........Ronnie
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