Sector News

UAE’s Abraaj gets go-ahead on Bisco Misr acquisition

November 18, 2014
Consumer Packaged Goods
(Reuters) – UAE-based Abraaj Investment Management has won regulatory clearance for its 850 million Egyptian pound ($119 million) offer for Bisco Misr, one of Egypt’s main producers of cakes and biscuits.
 
Abraaj Investment Management, an affiliate of UAE’s Abraaj Capital, the Middle East’s largest private equity firm, will begin buying shares of Bisco Misr on Thursday and aims to complete its purchases by Dec. 17, Egypt’s stock market regulator said on Tuesday.
 
Bisco Misr said in a statement it was still possible for competing offers to be made, thought it had said on Nov. 2 that shareholders holding 56 percent of the snack maker had agreed to sell to Abraaj..
 
The company said in August that Kellogg Co, the world’s biggest breakfast cereal maker, had also made a bid approach, but it did not say on Tuesday if it expected Kellogg or any other party to make a formal offer.
 
Abraaj is offering 73.91 pounds per share in cash, conditional on receiving acceptances representing at least 51 percent of the target company’s equity.
 
It first made its approach in July, pending “due diligence” checks on Bisco Misr’s finances that were completed earlier this month.
 
Dubai-based Abraaj Capital has been pushing to expand in the Middle East and owns stakes in Egypt’s Orascom Construction , budget carrier Air Arabia and supermarket chain Spinneys. (1 US dollar = 7.1500 Egyptian pound) (Reporting by Ehab Farouk; Writing by Stephen Kalin; Editing by David Holmes)

comments closed

Related News

April 26, 2024

Haleon names new Finance Chief and new CHRO

Consumer Packaged Goods

Consumer healthcare firm Haleon has appointed Tate & Lyle executive Dawn Allen as its new chief financial officer, effective 1 November 2024. Allen will succeed Tobias Hestler, who has decided to step down from the role, citing a long-term health condition, the company said.

April 26, 2024

Campari to double Aperol production capacity with €75m investment

Consumer Packaged Goods

The group said that the bottling line, which adds 6,500 square metres to the existing 60,700-square-metre site, is the next necessary stage in the company’s international development. The leading brand in Campari Group’s global sales, demand for the Italian bitter apéritif has grown by 500% in the last decade.

April 26, 2024

Coca-Cola enters $1.1bn strategic partnership with Microsoft

Consumer Packaged Goods

The partnership will see Coca-Cola adopt new technology to foster innovation and productivity globally. Through the deal, Coca-Cola has made a $1.1 billion commitment to the Microsoft Cloud and its generative AI capabilities.

How can we help you?

We're easy to reach