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

July 31, 2021

India’s United Breweries becomes part of the HEINEKEN group

Food & Drink

Heineken announces that, following United Breweries Limited’s (UBL) annual general meeting on 29 July 2021, it has obtained control of UBL in India.

July 31, 2021

Ferrero reaches 100% sustainable sugarcane sourcing

Food & Drink

Collaboration has been a vital driver of Ferrero’s sustainability journey, and the company has developed long-standing partnerships with trusted suppliers.

July 31, 2021

NovoNutrients nets US$4.7M for converting CO2 emissions into protein using microbial fermentation

Food & Drink

NovoNutrients is making moves to scale its process that uses industrial carbon dioxide emissions, cheap hydrogen and naturally occurring microbes to create high-grade proteins for human and animal consumption.

Send this to a friend