Nassef Sawiris' Family Office Makes €866.6 Million Bid for OCI Global

NNS Holding, the Cyprus-incorporated investment vehicle of Nassef Sawiris' private family office, has launched a voluntary all-cash public offer to acquire all outstanding shares of OCI Global that it does not already own, valuing the company at approximately €866.6 million.

The offer is priced at €4.10 per share, representing a premium of nearly 2% over OCI Global's closing share price of €4.02 before the announcement. NNS later confirmed that €4.10 is its final offer price, while stating it would sell its own stake if a competing bid delivers greater value for all shareholders.

According to NNS, the proposed acquisition is intended to break the deadlock surrounding OCI Global's planned merger with Orascom Construction, which has been on hold since a Dutch court froze the transaction in January over concerns about potential conflicts of interest.

As of mid-April, Nassef Sawiris held a 49.21% stake in OCI Global, while the wider Sawiris family owned a further 9.07%, giving them a combined holding of 58.28%. The offer therefore targets the remaining 41.72% of shares, including stakes held by institutional investors and public shareholders.

OCI Global's board, excluding Nassef and Nadia Sawiris, has backed the offer on the condition that it proceeds alongside the proposed merger with Orascom Construction, allowing minority shareholders the opportunity to participate in the combined infrastructure platform. However, the court-appointed independent board members, who were granted veto powers earlier this year, have yet to state whether they support the proposal.

NNS expects to submit its draft offer memorandum to the Dutch financial markets regulator next week, with the formal offer to follow after regulatory approval.