Electrolux CEO: Halts Olympic Acquisition Due To Egypt Turmoil
February 02 2011 - 4:44AM
Dow Jones News
Political turmoil in Egypt has caused Swedish household
appliances maker Electrolux (ELUX-B.SK) to put the acquisition of
Cairo-based Olympic Group (OLGR.CI) on hold, Chief Executive Keith
McLoughlin told Dow Jones Newswires Wednesday.
"We think that it makes no sense to conclude the deal right now
and we have decided to put the acquisition on hold until the smoke
has cleared in Egypt," McLoughlin told Dow Jones Newswires.
In October last year, Electrolux announced a preliminary
agreement to acquire a 52% stake in Egypt-listed Olympic Group
(OLGR.CI), one of the largest manufacturers of household appliances
in the Middle East and North Africa, from the holding company
Paradise Capital.
Electrolux previously said the $248 million acquisition was due
to complete in the second quarter of 2011.
-By Sven Grundberg, Dow Jones Newswires; +46-8-5451-3098;
sven.grundberg@dowjones.com