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Egypt’s Olympic sees Electrolux deal in 30 days

Swedish white goods manufacturer Electrolux is in the middle of buying Egyptian appliance maker Olympic Group - Reuters

July 4, 2011 9:53 by

Egyptian appliance maker Olympic Group said on Sunday it was extending the timetable for completion of a takeover of the company by Sweden’s Electrolux by 30 days.

“On the evening of June 30, 2011, a new amendment was signed to the memorandum of understanding, entailing an extension of the time to complete the deal by 30 days,” Olympic said in a statement to the Egyptian Exchange.

“This is to allow the parties an opportunity to finish negotiations and sign the share sale contract and agreements related to the deal,” it said.

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