Dive Brief:
- Kellogg says it will submit a new bid for Egypt's Bisco Misr within days, reopening the battle to take control of the snack-maker.
- The announcement from the Battle Creek, MI-based company came just hours after UAE-based Abraaj Investment Management, which had submitted a winning bid of $119 million for 51% of Bisco Misr, had received approval for the takeover from Egyptian regulators.
- If Kellogg succeeds, it would win control of three factories in the Middle East and the Luxe brand of biscuits.
Dive Insight:
But Kellogg hasn't won the bid yet - after all, it lost a much more expensive takeover battle for a completely different biscuit and snack-maker. In other Kellogg news, it recently unveiled seven new cereal offerings with a focus on lower sugar and going gluten-free.