Food manufacturer Kellogg Company is set to acquire a majority stake in Egyptian snacks producer Bisco Misr.

The American food company will acquire 59.91 per cent of Bisco Misr’s shares for E£89.86 per share.

Kellogg Company’s acquisition follows a long bidding battle against the UAE’s private equity company, Abraaj Group.

Abraaj’s final offer was made on 24 December when it increased its offer price to E£88.09 for the acquisition of up to 100 per cent of Bisco Misr’s share capital.

The UAE firm decided to drop out of the bidding process on 31 December.

Despite withdrawing interest in Bisco Misr, Abraaj said in a statement that it remained “positive” about the growth opportunities in Egypt’s consumer sector.

The equity firm already has a track record of key investments across North Africa.