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FINANCIAL NEWS
USA’s Kellogg seeks major stakes in Egyptian Bisco Misr
01 Sep 2014
(MENAFN) USA’s Kellogg, the maker of breakfast cereals and other packaged food, is seeking to buy a majority stake in Egypt’s Bisco Misr, Saudi Gazette reported.
Bisco Misr has agreed to a meeting with the Michigan-based Kellogg before a potential acquisition of at least 51 percent of Bisco.
Killogg’s offer marks the third request Bisco Misr received this year after private equity firm Abraaj Group and Saudi Arabia’s Savola Group made similar moves.
Bisco Misr, which was founded in 1957, posted a profit of USD769.000 in the April-June period, compared with USD1.86 million in the same period last year. It previously refused takeover bids from Juhayna Foods and Halwani Bros.
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