Swedish giant Electrolux has acquired 52% of the stakes in Olympic group , Egypt and Middle East’s biggest home appliance maker after many years of cooperation. The Swedish giant acquired the stakes from Paradise Capital which is owned by the famous Salam family.
Last week Naguib Swairis announced that Russian Vimpelcom has merged with Weather acquiring 51.7 % of Orascom telecom.
What is this ?? Have the Egyptian businessmen sensed of some major event in Egypt and they are trying to get what they can get before things turn ugly ??
You asked : Have the Egyptian businessmen sensed of some major event in Egypt and they are trying to get what they can get before things turn ugly ??
ReplyDeleteI answer : YES YES YES.
Those who play with big capitals and huge investments got ears every where and will work hard to protect what they own.
Only one accepted exception for my theory would be: This is just Coincidence and both owners sold their assets for liquid money thats easy to move, after being fed up with the political harassment!!
Ok Salem , I got this but what political harassment these two suffered from you are speaking about ??
ReplyDeleteYes the old Salams were MBs but their younger generation is far away from the group
I do not agree with you.. this is a global trend and most of the big companies are acquiring regional companies or small ones to extend their profile.
ReplyDeleteSure you know that any one with large investments here in Egypt would be under a call from State Security office any time. or even from some strong politicians who need a part of his delicious cake!!
ReplyDeleteZeinab I always love how you try to bring down the government with concepts you Barely understand!
ReplyDeleteSmart money ie multinationals never acquire failing/waning businesses. The same wave took place 10 years ago in brazil and india and look at them now!
Electrolux is the second largest appliance maker in the world and are well aware of egypt's vibrant and robust future.
You can go ahead and sing your 'oppressed/no freedom/no food/...etc' song but the WORLD is not listening to you!
Multinationals follow the money and growth trends Electrolux just proved that EVERYTHING you have been fighting for doesn't matter and Egypt is robust and growing more everyday!
Best
S. Kotob