UPDATE 1-Dutch-based OCI gets approval for Egyptian share buyout
CAIRO, June 25 (Reuters) - The Dutch-listed parent of Egypt's Orascom Construction Industries said it has received regulatory approvals to buy out other shareholders in the Egyptian subsidiary in a tender offer that begins on Thursday.
OCI NV said it will offer Dutch-listed shares or 255 Egyptian pounds ($36.38) in cash for each ordinary Egyptian share in the construction and fertilisers company. The offer ends on July 28.
In January OCI NV had offered a cash alternative of 280 pounds per share but in May reduced the offer without giving a reason.
The Dutch parent already owns about 70 percent of the Egyptian-listed shares. The offer is likely to lead to the delisting of OCI, one of the country's biggest companies, from the Egyptian exchange.
The original tender offer was held up by a tax dispute that also led the government to place a travel ban on OCI's chief executive Nassef Sawiris and his father Onsi. The Egyptian regulator also sought clarifications that held up the deal.
The tax dispute was settled in April when OCI agreed to pay 7.1 billion Egyptian pounds ($1 billion) to the government. The travel ban was then lifted.
OCI NV has said its Amsterdam base gives it greater access to international capital markets. ($1=7.0091 Egyptian pounds)
(Reporting by Asma Alsharif; Editing by Patrick Werr and Greg Mahlich)