Sector News

Bisco Misr majority shareholders agree to Kellogg offer

November 20, 2014
Food & Drink
Majority shareholders in Egyptian confectionary maker Bisco Misr have opted to sell their stake to Kellogg Co., after it made a higher offer than that of an Emirates-based company.
 
Kellogg made an acquisition offer on at least 51 percent of the company’s shares, if not all of it, for the price of LE79 per share, Egypt’s financial regulator announced on Thursday. 
 
Owners of 56 percent of Bisco Misr said that they had agreed to the offer from the world-famous cereal maker after being notified of it on Wednesday evening. 
 
The majority shareholders had agreed earlier this month to sell their stake to UAE-based Abraaj Investment Management, which offered LE73.91 per share, also for at least 51 percent equity.
 
Egypt’s financial regulator said it was studying the Kellogg offer, which offered LE908.5 million ($127.2m) for the entirety of Bisco Misr. 
 
Earlier this week Abraaj announced receiving regulatory approval for its LE850 million ($119m) acquisition offer.
 
Founded in 1957, the confectionary maker produces over 90 kinds of biscuits and cakes, with one facility in Cairo and two in second Egypt’s largest city Alexandria. 
 
Bisco Misr recorded a net profit of LE37.4 million in the first nine months of 2014, down 16 percent from LE44.4 million in the same period of the previous year. 
 
The snack maker’s net profit for the financial year ended in December 2013 was LE62.7 million, up from LE41.4 million in the previous year.
 
Source: Ahram Online

comments closed

Related News

May 21, 2022

Cécile Béliot becomes Bel Group CEO

Food & Drink

Cécile Béliot has assumed the role of Bel Group chief executive officer, following the decision to separate the roles of chairman and CEO. The separation of the functions will enable Bel Group to develop in three areas of healthy snacking. Meanwhile, the company’s former CEO, Antoine Fiévet, has had his mandate renewed as chairman of the board.

May 21, 2022

“Corporate greed and dereliction of duty”: FDA commissioner slammed over infant formula shortage

Food & Drink

US Food and Drug Administration (FDA) Commissioner Dr. Robert Califf was grilled by lawmakers during a House Appropriations subcommittee hearing, where he was slammed over the agency’s handling of the escalating infant formula shortage.

May 21, 2022

Sweegen hails antioxidants and bitter blocking tech a turning point for sugar reduction and healthy aging

Food & Drink

Sweegen is ramping up its efforts to reduce sugar across F&B applications while simultaneously tapping into the benefits of using antioxidants and bitter blocking technology. Speaking to FoodIngredientsFirst, Casey McCormick, vice president of global innovation at Sweegen, says product developers can find a broad range of solutions in Sweegen’s nature-based sweetener systems as brands elevate better-for-you foods.