(MENAFN- Daily News Egypt) New York-stock market listed firm Kellogg's has acquired 85.93% stakes of Egypt's main producer of biscuits and cakes, Bisco Misr, equivalent to EGP 9.8m, the American firm announced Monday.
In a statement, Kellogg's spokeswoman Kris Charles expressed her company's excitement for winning the bid, adding that Bisco Misr enjoys huge capabilities.
On 6 January, Bisco Misr revealed that shareholders owning 59.9% of the company agreed to sell their shares to Kellogg's, whose purchase offer was considered the highest bid, at a value of EGP 89.86 per share.
Negotiations over the selling of Bisco Misr shares started in July 2014, when UAE-based Abraaj Group announced it intended to acquire between 51% and 100% of Bisco Misr shares. Following the announcement, Saudi food producer Savola Group also announced making an approach to acquire at least 51% stake in Bisco Misr.
In December, Kellogg's entered the scene, offering to purchase a 51% stake.
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