Kellogg Company wins bid to acquire Bisco Misr

THE Kellogg Company said it has acquired 85.93% stakes in Bisco Misr. In December, the American cereal and snacks manufacturer presented an offer of 89.86 Egyptian pounds ($12.57) per share, topping that of other bidder Abraaj Group of the UAE.

Cairo-based Bisco Misr, established in 1957, is a major producer of biscuits and cakes under the brands, Bisco Luxe, Datto, Chico Chico and Bisco Wafers. It is a publicly-held company listed on the Egyptian Exchange.

Further details will be available within the next few days when the final shares are transferred to Kellogg on or around 18 January 2015.