Food manufacturing company Kellogg has announced that it expects to acquire an 85.93-per-cent stake in BiscoMisr.
Headquartered in Cairo, BiscoMisr is one of the most recognised baked goods companies in Egypt.
The producer of packaged biscuits offers popular brands as Bisco Luxe, Datto, Chico Chico and Bisco Wafers. With approximately 3,300 employees and three manufacturing facilities, BiscoMisr has a strong history in the Egyptian market dating back to 1957.
The tender-offer process has been under way in Egypt for three months, and the closure of the process was on 11 January. The transfer of shares will be completed no later than 18 January.
Kris Charles, Kellogg Company spokeswoman, confirmed that while Kellogg was delighted about the opportunity to work with such iconic brands in the rapidly growing Egyptian market, it will not offer further details until the final transfer of the shares to Kellogg.
With 2013 sales of $14.8 billion and more than 1,600 brands, Kellogg is the world's leading cereal company, the second-largest producer of cookies, biscuits and savoury snacks, and a leading North American frozen-foods company.
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