Saudi Arabian food processing company Savola Group has dropped a bid to acquire a controlling stake in Egyptian confectionery giant Bisco Misr, the latter said in a statement on Sunday.
Savola Group had requested to start due diligence proceedings to acquire 51 percent of the Egyptian baker in July, shortly after Abraaj Investment Management, an affiliate of United Arab Emirates' Abraaj Capital, announced it sought to acquire the same stake in Bisco Misr.
In August, Bisco Misr received yet another offer from Kellogg Co., the world's largest cereal maker, to acquire at least 51 percent of its shares.
Bisco Misr told the Egyptian Stock Exchange that it had received a notification from its stakeholder, Egyptian Direct Investment Fund Limited, saying that Savola Group was withdrawing its offer.
Founded in 1957, Bisco Misr made profits of LE5.5 million ($769,000) in the quarter ending on 30 June of this year, compared with LE13.4 million a year earlier.
Bisco Misr owns three main facilities, one in Cairo and two in Alexandria, where it produces and distributes biscuits and a range of cakes and other goods.