Sawiris backs out in bid for EFG-Hermes Naguib Sawiris, the Egyptian telecommunications mogul, has decided against joining a consortium of investors attempting to take over EFG-Hermes , the Middle East investment bank. Mona Zulficar, chairwoman of EFG-Hermes Holding, told the Financial Times that Mr Sawiris had authorised her to tell the press that he would have been part of the Planet IB consortium only if EFG-Hermes shareholders had voted against an alternative tie-up with Qatar's QInvest. The alliance with QInvest was approved by shareholders on Saturday. giving the green light for a joint venture with the Qatari group. This would allow for the establishment of a joint venture, EFG-Hermes Qatar, under which most of the bank's businesses would be folded. EFG-Hermes would retain sole control over its private equity arm and its controlling stake in the Beirut-based Credit Libanais. Planet IB had named Mr Sawiris as a backer. On Tuesday, it insisted he had not dropped out. Mr Sawiris" office did not respond to requests for comment. The conflicting reports surrounding Mr Sawiris's position are the latest twist in a drama which has seen Planet IB brandish the possibility of mounting Egypt's first-ever hostile takeover bid. The group, which says it has raised $650m in debt and a lesser amount in equity, has not revealed a full list of investors, but says it has backing from Egyptian and Arab investors. EFG-Hermes had said on Monday it was taking legal action following what it termed "a misleading media campaign conducted by Planet IB in support of its offer to acquire 100 per cent of EFG-Hermes Holding." Ahmed El Houssieny, Planet IB chief executive, was quoted by Reuters as saying that his group would mount a hostile bid if necessary, subject to its ability to carry out due diligence on EFG's accounts. "It is impossible to consider undertaking a transaction of this size without the opportunity to do legal, financial and a commercial due diligence on the same terms that were afforded to our competitor," he said. But Mrs Zulificar said it would have been "unethical and illegitimate to open a data room and allow the consortium access after an agreement had been signed and announced with QInvest." EFG shares were down 2.9 per cent at 10.56 Egyptian pounds on Tuesday.