Israel’s benchmark stock index advanced for a seventh day, tracking gains in U.S. shares last week, as investors weighed lower borrowing costs and Iran’s nuclear accord with world powers. Saudi shares rose.
Kraft is 3rd co. to make offer to buy Cairo-based food manufacturer Al Mal reports, citing unidentified people with knowledge of the deal. * Bisco says it’s rejected letters of intent from some investors to buy a stake: Al Mal citing co. statement * A possible Bisco Misr deal may be valued at 700m-800m Egyptian pounds: Al Mal * Investors that want to sell their stakes include Commercial International Bank, which holds 10.6% of Bisco: Al Mal * NOTE: Juhayna Food Industries said yday it made initial non- binding offer for Bisco NSN MOHAS61A1I4I <GO>
Egypt plans energy-subsidy reforms in two phases, the first to be implemented before an International Monetary Fund delegation arrives at the end of the month for talks on a $4.8 billion loan, Al Mal reported, citing an unidentified person with knowledge of the matter.
A strike by truck drivers in Egypt disrupted business of companies including Egypt Aluminium and fertilizer producer Egyptian Chemical Industries , also known as Kima, Al Mal reported, citing company officials.
Juhayna Food Industries, Egypt’s biggest producer of packaged milk, agreed to adjust prices paid to farmers in line with fluctuations in the cost of fodder, Al Mal reported, citing Safwan Thabet, the chairman.
Egypt’s Finance Ministry officials will meet with investors to discuss public private partnership projects that were offered before the popular protests that led the ouster of President Hosni Mubarak, Al Mal reported, without saying how it got the information.