Kellogg sees FY13 EPS ex-integration costs $3.82-$3.91, consensus $3.69 Sees 12c-14c of integration costs. Including 2c impact from currency, sees FY13 EPS $3.70-$3.77. Comments from slides that will be presented on the Q4 earnings conference call.
Kellogg completes acquisition of majority stake in Bisco Misr Kellogg announced it has acquired a majority stake in Bisco Misr. This transaction advances Kellogg's global snacks business in growing emerging markets. Kellogg Company has agreed to pay EGP 89.86 per share for 85.93% of total outstanding Bisco Misr shares. Kellogg Company is financing the transaction with debt. Due to the size of Kellogg's percentage ownership, the company will consolidate Bisco Misr's results into its own.
Kellogg downgraded to Neutral from Buy at Citigroup Citigroup downgraded Kellogg to Neutral and other names in the food manufacturing space citing high valuations, volume declines and risk to growth estimates for companies with exposure to Europe and Emerging Markets. Citi cut its price target for shares to $71 from $73.
Kellogg to acquire majority stake in Bisco Misr Upon Kellogg announced it expects to acquire an 85.93% stake in Bisco Misr based upon the number of shares tendered to the company through the Egyptian Stock Exchange as of the close of Kellogg's Mandatory Tender Offer yesterday. Kellogg's final bid offer is EGP 89.86 per share. The transfer of the shares will be completed within 5 Egyptian business days and no later than January 18.