Egypt: Kellogg to acquire majority stake in Bisco Misr
Cereal, cookies and snacks producer Kellogg has announced that it is to acquire a majority stake in the Egyptian biscuit producer Bisco Misr, subject to the completion of a public mandatory tender offer process.
Kellogg said it expected to acquire a 85.93% stake in Bisco Misr based upon the number of shares tendered to the company through the Egyptian Stock Exchange as of the close of Kellogg's Mandatory Tender Offer yesterday.
Bisco Misr is the number one packaged biscuits company in Egypt, headquartered in Cairo. One of the most recognized baked goods companies in Egypt, Bisco Misr offers such highly popular brands as Bisco Luxe, Datto, Chico Chico and Bisco Wafers, Kellogg said in a statement. The company has approximately 3,300 employees, three manufacturing facilities, and a strong history in the Egyptian market dating back to 1957, the company added.
Kris Charles, Kellogg Company spokeswoman, confirmed that Kellogg was excited and delighted about the opportunity to work with such iconic brands in the rapidly growing Egyptian market.
The company declined to offer further details before the completion of transfer of shares, which it said it expected to be on or around 18th January 2015.