Kellogg Company (K) announced it has acquired a majority stake in Bisco Misr, packaged biscuits company in Egypt. Kellogg has agreed to pay EGP 89.86 per share for 85.93% of total outstanding Bisco Misr shares. The company said the transaction is not expected to have a material impact on operating profit and net earnings for 2015.
Headquartered in Cairo, Bisco Misr is a publicly-held company listed on the Egyptian Exchange. Bisco Misr has approximately 3,300 employees and three manufacturing facilities.
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