Kellogg's cleared to buy Egypt's Bisco Misr

Kellogg's, the world's largest cereal maker, has received regulatory clearance for its offer to acquire Egyptian confectionery maker Bisco Misr.

In a statement to the stock exchange, the Egyptian Financial Supervisory Authority said it did not object to the Michigan-based company's LE79 per share offer to buy at least 51 percent of Bisco Misr.

Bisco Misr shareholders have not disclosed if they are still considering Kellogg's offer after Dubai-based investment company Abraaj Group made a higher bid on Sunday. It offered to buy the company at LE79.1 per share, valuing the company at LE909.7 million.