The planned takeover by Canada’s Tenaz of Egypt and Morocco gas producer SDX Energy has collapsed after just 20.2% of the latter’s shareholders voted in favor of the deal (MEES, 29 May).

A key driver behind the deal’s rejection was new SDX shareholder Aleph Commodities, a trading and investment firm which acquired 25.65% of SDX in July. SDX now says “we are working with our new cornerstone shareholder Aleph Commodities Limited on a refreshed and ambitious strategy and we will be updating the market on the outcome of this in the weeks ahead.” (CONTINUED - 290 WORDS)