12 Jan 2015
(MENAFN) Egypt’s Bico Misr said that shareholders controlling 86 percent of its shares agreed to sell their shares to Kellogg, the world’s biggest cereal maker, for a total of USD125 million, thus ending the bidding war between it and Abraaj, the UAE private equity firm, which withdrew from the bidding, Gulf Business reported.
Following Abraaj’s withdrawal at the end of December 2014, Kellogg was able to secure the support of shareholders controlling nearly 60 percent of Bisco Misr’s shares, but the group has said that it was willing to buy 100 percent.
Kellogg said that it views the food sector as a fast-growing sector in the most populous Arab nation of 90 million people, adding that Bisco Misr, with its three baking facilities in Cairo and Alexandria, will help expand its business in the region.
“The Bisco Misr deal will not be the last in Egypt’s food sector. We see more acquisitions in the coming period to take advantage of strong domestic demand in Egypt,” Pioneers Investment Management said.
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
12 May 2025
Alsharifi: “Proud of our strategic partnership with the Royal Humanitarian Foundation”
04 May 2025
BBK offers exclusive Mortgage Loans for luxury villas and apartments on Reef Island
30 Apr 2025
BBK discloses its financial results for the first quarter ended 31st March 2025
25 Mar 2025
BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
12 Mar 2025
Mr. Yaser Alsharifi completes Harvard Business School Presidents’ Program in Leadership
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more