Article: News in brief.

Egypt's Pioneers to buy Beltone Financial

Egyptian financial services firm Pioneers Holding will take over investment bank Beltone Financial in an all-share deal.

Pioneers shares were up 7 percent at LE 7.15 ($1.31) by 1149 GMT, valuing the company at LE 3.575 billion ($654 million). The stock had jumped by a similar margin last Wednesday when talks between the firms first came to light.

Pioneers, with a leading position in Egypt's retail market, said it would issue 100 million new shares to give Beltone shareholders a 17 percent stake in the merged firm.

The management of the two firms will remain separate and unchanged but both will ...

Related newspaper, magazine, and journal articles:

 
 
Newsweek Harper's Magazine The Washington Post Chicago Tribune Crain's Chicago Business PRNewswire Pediatric News The Nation Advertising Age The Economist (US) A FREE trial gives you access to over 80 million articles! Access over 6,500 publications with a FREE trial!