What:
Edita Food Industries, a heavyweight in Egypt’s snack food arena, is reportedly setting its sights on an acquisition according to Al Mal. The target? Bisco Misr, Egypt’s biscuit giant. Al Mal and Enterprise reached out to Edita representatives, but they refused to comment.
So What:
Established in 1957, Bisco Misr has been the go-to snackmaker for millions of Egyptians. Currently, it’s owned by the American cereal and snack maker, Kellanova (formerly known as Kellogg Company).
Some Context:
Kellanova grabbed 85% of Bisco Misr in 2015, sealing the deal for EGP 900 million. Back then, Kellanova andEmirati Abraaj Group threw down a fierce bidding war, driving up Bisco Misr’s valuation significantly. This pumped up the share price to EGP 89 from an initial EGP 73 offer, according to Al Mal.
