Sector News

Saudi Savola Group drops bid to acquire 51% of Bisco Misr

September 29, 2014
Food & Drink
Saudi Arabian food processing company Savola Group has dropped a bid to acquire a controlling stake in Egyptian confectionery giant Bisco Misr, the latter said in a statement on Sunday.
 
Savola Group had requested to start due diligence proceedings to acquire 51 percent of the Egyptian baker in July, shortly after Abraaj Investment Management, an affiliate of United Arab Emirates’ Abraaj Capital, announced it sought to acquire the same stake in Bisco Misr.
 
In August, Bisco Misr received yet another offer from Kellogg Co., the world’s largest cereal maker, to acquire at least 51 percent of its shares.
 
Bisco Misr told the Egyptian Stock Exchange that it had received a notification from its stakeholder, Egyptian Direct Investment Fund Limited, saying that Savola Group was withdrawing its offer.
 
Founded in 1957, Bisco Misr made profits of LE5.5 million ($769,000) in the quarter ending on 30 June of this year, compared with LE13.4 million a year earlier.
 
Bisco Misr owns three main facilities, one in Cairo and two in Alexandria, where it produces and distributes biscuits and a range of cakes and other goods.
 
Source: AHRAM

Related News

April 10, 2021

Crown agrees to sell its EMEA food packaging unit in €2.25bn deal

Food & Drink

Crown’s European Tinplate business is one of the largest manufacturers of steel and aluminium food packaging in Europe, operating 44 manufacturing facilities in 17 countries across Europe, the Middle East and Africa.

April 10, 2021

Nestlé opens new plant-based food production site in Malaysia

Food & Drink

The facility, which marks the first in ASEAN and second in Asia, will cater to the rising local demand for plant-based food, as well as exports. It joins the company’s plant-based food facility in Tianjin, China.

April 10, 2021

DSM invests $100m in launch of personalised nutrition company

Food & Drink

The newly-formed company seeks to disrupt the nutritional marketplace by creating brands that target various health conditions.

Send this to a friend