Kraft Acquires Danone's Local Biscuit Division

American company Kraft Foods has been expanding its reach in the Egyptian market, following its acquisition of Danone Group's biscuit and snack division in a deal worth US$7bn. Kraft has been present in the Egyptian market for a number of years and has a strong foothold in the country's snack foods division. Meanwhile, Danone entered the Egyptian market in 2002 when it established Danone Mashreq Fine Biscuits as a joint venture with the Rachid Group in Alexandria. Kraft has now agreed to acquire Danone Mashreq for US$5mn, thereby giving the American company a significantly larger share of the local biscuit

To read the full article, please choose one of the following options: