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  • 30-12-14

    Abraaj, Kellogg bidding war continues for Egypt's Bisco Masr

    (MENAFN) Egypt's financial regulator said that it has extended the bidding period for Bisco Misr until Jan. 11, as the bidding battle continues between Kellogg, the world's largest breakfast cereal maker, and UAE-based Abraaj Asset Management, Arabian Business reported.

    The decision made by the regulation authority comes after Kellogg raised its bid for the Egyptian snack maker, topping an offer from private equity company Abraaj in an intensifying USD144 million battle.

    Abraaj, the Middle East's largest private equity firm, has been battling Kellogg since last month, when the U.S. group made a surprising deal to snap up the Egyptian cake and biscuit maker, despite the shareholders of Bisco Masr giving their initial approval of the bid made by Abraaj.

    Both companies have said that acquiring Bisco Misr, which is an established brand with three factories in Cairo and Alexandria, will enhance their business as it would give them a window into the food market of the Arab's world most populated country of 86 million people.

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