A takeover bid of Egypt's EFG Hermes by Planet IB has stalled after the consortium failed to secure enough EFG shares to challenge management, Reuters has reported. Planet IB made its $1bn approach after the Cairo-based bank announced plans to fold its main investment banking operation into a joint venture controlled by Qatar's QInvest. The consortium had only secured between 2.3% and 2.5% of EFG because many institutional shareholders were unwilling to defy the bank's biggest owners, said Planet's executive director, Sameh Mohieldeen. "The minority stake is very fragmented, so we could not reach out to as many shareholders as we wanted to," Mohieldeen said. "The main institutional shareholders, although they voted against the QInvest deal, still don't want to go out of the herd."