Kellogg completes acquisition of majority stake in Egyptian biscuit maker Bisco

Associated Press

Kellogg has taken a majority stake in the Egyptian biscuit maker Bisco Misr as it seeks growth by pushing into emerging markets.

The Battle Creek, Michigan, company is paying $125 million, or $12.56 per share (89.86 Egyptian pounds), for 85.93 percent of Bisco's stock. It is financing the deal with debt.

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Bisco makes Bisco Luxe, Chico Chico and Bisco Wafers. The Cairo company has three manufacturing plants and about 3,300 employees.

Kellogg Co., whose brands include Keebler, Special K, Pop-Tarts and others, said Thursday that the transaction is not expected to have a material impact on its 2015 earnings.