Electrolux to pay cash for Olympic purchase
Cairo, July 11, 2011
Olympic Group said on Monday its acquisition by Sweden's Electrolux AB remained an all-cash deal despite the lower price and the Egyptian firm would now expand into new European markets.
Asked about payment, Olympic's Chief Financial Officer Hossam Mestikawi told Reuters: "Cash, it's a cash deal, they are acquiring from the market. They're buying 100 per cent of the firm." – Reuters