The report said Karim's management was trying to convince the company's shareholders of the benefits of the deal. Bloomberg said in July that a deal could be made to merge the two companies.
Earlier this month, however, the Egyptian Competition Authority issued a statement saying it had continued with both companies to recognize that any merger or acquisition that harmed competition in Egypt could be a violation of the law. According to the statement, both Aubar and Karim denied reaching any agreement in response to the concerns of the Egyptian Competition Authority.
Having sold its business in China, Russia and Southeast Asia to local rivals for its minority stake, Oprah CEO Dara Khosrowshahi said they would not make any similar deals in the remaining markets, including the Middle East, to maintain their position.