Kellogg's Hungry for Bisco Misr Shares

Reports have surfaced that Kellogg’s is looking to purchase a controlling stake in Bisco Misr, one of Egypt’s leading snack food suppliers.

Since 1957, Bisco Misr has been supplying koshks and grocery stores with a variety of snack foods, often based on successful treats abroad. And now, the leading factory making Bisco’s Corn Flakes in Egypt is being eyed by the company who invented corn flakes, looking to corner the Egyptian cereal/snack market.

According to Reuters, Kellogg Co, the world’s top breakfast cereal manufacturer, released a statement on Sunday saying they are interested in acquiring at least 51 percent of Egyptian giant Bisco Misr. Bisco Misr is considered to be one of the country’s main bakers, and have a long product line of over 90 types of biscuits and cakes.

However, Kellogg's is not the only company interested in acquiring this well-established snack supplier. In July, Bisco Misr said Abraaj Investment Management, an affiliate of United Arab Emirates' Abraaj Capital, had also made an approach to buy at least a 51 percent stake in Bisco Misr.

Bisco Misr has not released any statements either confirming or denying the possible acquisition.