Kellogg acquires majority stake in Egyptian biscuits company
Kellogg Co., Battle Creek, MI, has acquired a majority stake in Bisco Misr, the No. 1 packaged biscuits company in Egypt. Kellogg has agreed to pay EGP 89.86 per share for 85.93 percent of total outstanding Bisco Misr shares and is financing the transaction with debt.
Due to the size of Kellogg’s percentage ownership, it will consolidate Bisco Misr’s results into its own. As Bisco Misr’s annual sales were approximately $70 million in 2013, the transaction is not expected to have a material impact on Kellogg Company’s annual operating profit and net earnings for 2015.