Dive Brief:
- Kellogg is seeking to buy a 51% stake in Bisco Misr, the maker of Luxe biscuits and other snack cakes in Egypt.
- Kellogg's request for due diligence is the third such inquiry that Bisco Misr has received this year. Both Abraaj Group and Savola Group also expressed interest in a deal.
- The deal would give Kellogg control of three factories in Egypt and access to the nation's market.
Dive Insight:
Little cakes and biscuits such as the ones made by Bisco Misr are enormously popular in this region—there's lots of money to be made in feeding the Middle East's sweet tooth. And Kellogg isn't the only company with its eye on Egypt. Nestle has announced plans to open a candy factory there, and Pepsi is pouring millions into a soft-drink partnership.