(MWNAFN) Abraaj Investment Management, the UAE-based firm, announced it has won regulatory approval for its USD119 million offer for Bisco Misr, one of Egypt's main producers of cakes and biscuits, Gulf News reported.
Abraaj Investment Management aims to complete its purchases of the company's stocks by December 17, despite Bisco Masr saying that competing offers were still possibly made to the company.
Bisco Masr, which earlier this year said that Kellogg, the world's biggest breakfast cereal maker, had also made a bid approach, said that Abraaj's offer is conditional on the company getting the acceptance to at least buy 51 percent of the company's equity.
Abraaj Capital said that this acquisition is part of its expansion plan into the Middle East, which resulted in the company buying stakes in Egypt's Orascom Construction, budget carrier Air Arabia and supermarket chain Spinneys.
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