Bright Foods denies Weetabix buyout rumours
Rumours have been circulating in the media that China’s state-owned Bright Food will snap up British cereal maker Weetabix in an alleged 1bn deal; rumours the Chinese giant has denied.
Pan Jianjun, a Shanghai-based spokesperson for Bright Food, told Bloomberg that it is “not in talks” with Lion Capital; the private equity owner of Weetabix. Lion Capital reportedly declined to comment.
The Chinese food group giant bought up a 75% stake in Australia’s Manassen Foods in December last year for A$530m, marking its biggest overseas procurement since its establishment in 2006.
James Roy, senior analyst at China Market Research (CMR), told FoodNavigator-Asia at the time that the takeover was driven by a desire to deliver a greater range of brands to the growing Chinese middle classes, while opening international markets.
Bright Food’s main activities are in the dairy, tea and rice sectors and almost exclusively in China.
