Egypt's Olympic sees Electrolux deal value lower

Olympic Group's parent company Paradise Capital expects a takeover deal between the Egyptian appliance maker and Electrolux (ELUXb.ST) to be revised due to political instability, Paradise's chairman said.

"I see a change in the value of the deal after the uprising," Saad el-Din Abdullah Sallam told Reuters on Wednesday, adding that he had notified the bourse.

Mass protests erupted in Late January and later toppled President Hosni Mubarak. Many investors have become bearish about Egypt's market after a string of company heads were accused of corruption and profiteering.

Olympic said earlier this month it had agreed to give Electrolux another 15 days to complete due diligence on the deal, valued at 2.7 billion Egyptian pounds ($453 million) when the two firms reached a tentative agreement last October.