Kellogg Company acquires majority stake in Bisco Misr
Egypt's Bisco Misr
Cairo - MENA
The US-based Kellogg Co., world's largest cereal maker, said that it has secured an 85.93% stake in Bisco Misr.
Kellogg offered 89.86 pounds per share for a stake in the snack-maker.
The public Mandatory Tender Offer process started three months ago and the closure of the process was on January 11, 2015.
The transfer of the shares will be completed within five Egyptian business days and no later than January 18, 2015.
Bisco Misr, a well-known brand, produces over 90 varieties of biscuits and cake with three baking facilities in Cairo and Alexandria.
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