A real estate development firm owned by the Qatar Investment Authority has delayed plans to acquire a larger share of Monaco casino resort operator Société des Bains de Mer, or SBM.
On July 6 Qatari Diar offered to buy all the shares in SBM not owned by the Principality of Monaco.
Qatari Diar offered €725 per share but was told by SBM representatives in July that only 10 percent of the company could be acquired by the firm. Qatari Diar currently owns 2.45 percent of SBM.
Qatari Diar responded on August 1 that it was only interested in proceeding if it could acquire 30.4 percent of SBM.
In an article that appeared in Les Echoes, Qatari Diar Director General Ghanim bin Saad Al-Saad said that his organization does not want to change the strategy of SBM but would like to be able to affect its decisions.