Kellogg Co makes bid approach to Egypt's Bisco Misr

Reuters, Sunday 31 Aug 2014

Bid for 51% stake in snack maker is second one to be announced since Abraaj Investment Management approached Bisco Misr in July

Kellogg Co, the world's top breakfast cereal maker, is interested in acquiring at least a 51 percent stake in Bisco Misr, the Egyptian snack maker, Bisco Misr said in a statement on Sunday.

Bisco Misr is one of the country's main bakers, producing more than 90 types of biscuits and cakes.

Kellogg asked to conduct technical and financial studies of Bisco Misr, with an eye to acquiring at least 51 percent of its shares and possibly all of them, Bisco Misr said in the statement it posted on the bourse.

In July, Bisco Misr said Abraaj Investment Management, an affiliate of United Arab Emirates' Abraaj Capital, had also made an approach to buy at least a 51 percent stake in Bisco Misr. 

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