Sector News

UAE’s Abraaj gets go-ahead on Bisco Misr acquisition

November 18, 2014
Consumer Packaged Goods
(Reuters) – UAE-based Abraaj Investment Management has won regulatory clearance for its 850 million Egyptian pound ($119 million) offer for Bisco Misr, one of Egypt’s main producers of cakes and biscuits.
 
Abraaj Investment Management, an affiliate of UAE’s Abraaj Capital, the Middle East’s largest private equity firm, will begin buying shares of Bisco Misr on Thursday and aims to complete its purchases by Dec. 17, Egypt’s stock market regulator said on Tuesday.
 
Bisco Misr said in a statement it was still possible for competing offers to be made, thought it had said on Nov. 2 that shareholders holding 56 percent of the snack maker had agreed to sell to Abraaj..
 
The company said in August that Kellogg Co, the world’s biggest breakfast cereal maker, had also made a bid approach, but it did not say on Tuesday if it expected Kellogg or any other party to make a formal offer.
 
Abraaj is offering 73.91 pounds per share in cash, conditional on receiving acceptances representing at least 51 percent of the target company’s equity.
 
It first made its approach in July, pending “due diligence” checks on Bisco Misr’s finances that were completed earlier this month.
 
Dubai-based Abraaj Capital has been pushing to expand in the Middle East and owns stakes in Egypt’s Orascom Construction , budget carrier Air Arabia and supermarket chain Spinneys. (1 US dollar = 7.1500 Egyptian pound) (Reporting by Ehab Farouk; Writing by Stephen Kalin; Editing by David Holmes)

comments closed

Related News

July 21, 2024

Danone taps R&D leader Carla Hilhorst to drive research and innovation strategy

Consumer Packaged Goods

Danone has appointed Carla Hilhorst to the newly created position of senior vice president of research and innovation categories and zones, as the company looks to make science the heart of its business. Hilhorst, who brings over 30 years of experience in research and innovation, will report directly to Isabelle Esser, Danone’s chief research, innovation, quality and food safety officer.

July 21, 2024

Pernod Ricard to sell international wines portfolio to Accolade Wines owner

Consumer Packaged Goods

The move, part of Pernod Ricard’s strategy to enhance its premiumisation efforts, will allow the company to focus more resources on its portfolio of premium international spirits and champagne brands that drive the growth of its business. This decision aligns with the company’s commitment to delivering sustainable value for shareholders, employees, clients and partners.

July 21, 2024

Aryzta appoints former employee Michael Schai as new CEO

Consumer Packaged Goods

Schai – who is the current CEO of Swiss chocolate company Lindt & Sprüngli’s Australian operation – has previously worked with Aryzta from 2015-2018, where he served in roles including managing director for Asia Pacific and global strategic business lead (McDonald’s). The fast-food giant McDonald’s is one of Aryzta’s significant clients.

How can we help you?

We're easy to reach