Sector News

Abraaj pulls out of bidding for Egypt’s Bisco Misr

January 3, 2015
Food & Drink
(Reuters) – Emerging markets private equity firm Abraaj Group will pull out of the bidding process for the acquisition of Egypt’s Bisco Misr, Abraaj said on Wednesday.
 
The company had been involved in a bidding war with Kellogg Co, the world’s largest breakfast cereal maker, for the purchase of as much as 100 percent of the Egyptian snack maker.
 
Abraaj did not give a reason for its withdrawal from the bidding process, but said the orderly and transparent process had underlined growing investor interest in Egypt.
 
Its latest offer of 88.09 Egyptian pounds per share had amounted to a total purchase price for Bisco Misr of about $142 million, but Kellogg subsequently increased its bid to 89.86 pounds, Abraaj said. (Reporting by Tom Arnold; Editing by Andrew Torchia)

Related News

September 25, 2020

Record investments made in fermentation companies this year

Food & Drink

A record $435 million was invested in alternative protein fermentation companies in the first seven months of 2020, according to data by The Good Food Institute (GFI). To date, GMI’s […]

September 24, 2020

Coca-Cola European Partners reaches major sustainability milestone as 50% of plastic used in core portfolio is now from recycled sources

Food & Drink

Coca-Cola European Partners (CCEP), in partnership with Coca-Cola Great Britain, today announces that all plastic bottles across all its core brands made in Great Britain are now made with 50% […]

September 24, 2020

Unilever and Google partner in finding sustainable sources

Food & Drink

Unilever has teamed up with Google Cloud in a programme that combines cloud computing with satellite imagery and AI to improve its product sourcing strategy. Together, the companies will first focus […]