Sector News

Kellogg raises Bisco Misr offer

December 1, 2014
Consumer Packaged Goods
(Reuters) – Kellogg Co, the world’s biggest breakfast cereal maker, raised its bid for Egyptian cake and biscuit maker Bisco Misr to 82.2 Egyptian pounds ($11.50) per share, Egypt’s financial regulator said in a statement on Sunday.
 
Dubai-based Abraaj Investment Management first offered 73 pounds per share earlier this month, and Kellogg countered last week, escalating a bidding war.
 
The Bisco Misr takeover battle is part of a recent flurry of mergers and rights issues that has boosted activity on the Cairo bourse, which had struggled to revive investor confidence during more than three years of political and economic turmoil since the Arab Spring uprisings.
 
(Reporting by Stephen Kalin; Editing by Michael Urquhart)

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