Kellogg Co Tenders Bid For 51% Stake In Egypt’s Bisco Misr

 Fumnanya Agbugah International, Investing, Investors, M & A, Markets, Stocks & Bonds

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VENTURES AFRICA – World’s top breakfast cereal maker, Kellogg Co has tendered a bid to acquire at least 51 percent of Egyptian snack maker Bisco Misr, a statement by Bisco has confirmed.
“Technical and Financial studies on Bisco Misr will be conducted by Kellogg Co who wants to acquire at least 51 percent stake in the company” said Bisco Misr in a statement it posted on Egypt’s exchange.
This bid is the second announcement geared towards a possible takeover of Bisco after Abraaj Investment Management, an affiliate of UAE Abraaj Capital, indicated interest in securing a slice of Bisco Misr in July.
Bisco Misr is one of Egypt’s major baking company, producing more than
90 types of biscuit. It currently owns three large facilities; two in Alexandria, where it produces and distributes its famous favourites such as biscuit Luxe and other ranges of cakes and wafers and one in Cairo where they produce energy boosting date bar Datto, and baked confectioneries.