Sector News

Kellogg Expects to Acquire 85.93% of Egyptian Snack Maker

January 13, 2015
Food & Drink
Kellogg Co. said it expects to acquire an 85.93% stake in Egyptian snack maker Bisco Misr based on the results of its tender offer.
 
The stake is bigger than expected last month, when Kellogg outbid a private-equity firm for control of Bisco Misr. At the time, a Kellogg spokesman said the company submitted a bid of 89.86 Egyptian pounds a share, or about $12.57, to acquire a 51% stake in Bisco Misr. The deal valued Bisco Misr at about $144 million.
 
The deal marks a small step forward in the U.S. food company’s desire for international expansion.
 
Cairo-based Bisco Misr, which makes Minto-brand candies and Bisco Wafers cookies, reported net profit of 37.4 million Egyptian pounds and revenue of 373.6 million pounds for the nine months through September.
 
Kellogg said the final bid was 89.86 Egyptian pounds a share. The final transfer of the share is expected on or around Jan. 18.
 
By Tess Stynes
 

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