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Orascom founder to buy La Mancha for $493m

Egyptian businessman and founder of Orascom Telecom Holding (ORTE), Naguib Sawiris has agreed to buy Canada's La Mancha Resources Inc. (LMA) for about C$500m ($493m), Bloomberg has reported. Through his Canada-based Weather Investments firm, the deal will give Sawiris gold mines in Africa and Australia. LM said it put itself up for sale at the request its majority shareholder Cie Francaise de Mines et Metaux, a unit of French nuclear company Areva, which has agreed to tender its 63% stake to Weather.