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Egypt's Golden Pyramids cancels South Valley Cement takeover plans
- Egypt: Monday, August 30 - 2010 at 09:33
Egypt-based Golden Pyramids Plaza has said a planned merger with South Valley Cement will not go ahead after shareholders rejected a share swap, Reuters has reported. South Valley approved an EGP15bn ($2.6bn) capital increase in May to buy Golden Pyramids Plaza, in a bid to expand its focus and diversify its operations outside of cement. "Most shareholders have no desire to continue the procedures of the acquisition via a share swap," Golden Pyramids Plaza said in a statement.
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