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

October 17, 2021

France to ban plastic packaging for fruit and vegetables

Food & Drink

The government has published a list of around 30 fruits and vegetables that will be subject to the plastic packaging ban coming into effect on 1 January 2022. The list includes courgettes, aubergines and cucumbers, as well as apples, oranges and pears.

October 17, 2021

Kraft Heinz unveils plans for a circular PET ketchup bottle

Food & Drink

Kraft Heinz has detailed plans to release a circular PET tomato ketchup bottle by 2022 in its latest Environmental Social Governance report. The company has made progress towards its aim of using 100% recyclable, reusable or compostable packaging by 2025.

October 17, 2021

Beverages category fizzes with AI-generated soda, hemp-based gin, “green” cola & coca leaf infusions

Food & Drink

The drinks category is brimming with trend-driven launches including flavorful, energizing and better-for-you beverages. FoodIngredientsFirst speaks to disruptive fizzy beverage brands, whose offerings include a classic cola recipe reimagined with a clean label twist, as well as AI-generated flavor synergies.

Send this to a friend