Egyptian cake and biscuit maker Bisco Misr's shareholders controlling 86% of shares have agreed to divest their shares to US-based food manufacturing company Kellogg, in a $125m deal.
The Reuters reported that bidding for the biscuit maker has ended.
Kellogg became the only suitor for the biscuit company when private equity firm Abraaj announced that it would withdraw from a bidding war on 31 December 2014.
It had secured approval from shareholders controlling nearly 60% of Bisco Misr's shares last week.
However, Kellogg announced its intention to acquire 100% of Bisco Misr.
The acquisition represents the growing international interest in the Egyptian market, reports the publication.
Commenting on the acquisition, Pioneers Investment Management official Mohsen Adel was quoted by Reuters as saying: "The Bisco Misr deal will not be the last in Egypt's food sector ... We see more acquisitions in the coming period to take advantage of strong domestic demand in Egypt."
With three baking facilities in Cairo and Alexandria, Bisco Misr manufactures and sells baked goods and confectionery in Egypt. It offers biscuits, wafers, seasonal products, corn flakes, cakes, and mint candies.
Image: Bisco Misr offers biscuits, wafers, seasonal products, corn flakes, cakes, and mint candies. Photo: courtesy of Mister GC / FreeDigitalPhotos.net.
