Takeover talk surrounds Weetabix
China's Bright Food is said to be looking to sell its 60% stake in Weetabix - and four bidders are reported to be ready to make offers for the UK-based breakfast cereal group.
Almost five years after Bright Food snapped up a majority stake in Weetabix, the state-backed Chinese group is said to be looking to offload its shares in the UK-based breakfast cereal business. Speculation started before Christmas and, although Bright Food sought to cool the chatter, the rumours have intensified, with four bidders apparently preparing to table offers. Dean Best surveys the purported runners and riders.
Weetabix has confirmed that it will push ahead with a GBP30m (US$37.6m) investment to increase production as Nestle, General Mills, Post Holdings, Associated British Foods and Barilla reportedly line up to submit bids for the business.
Pladis, the UK-based subsidiary of Turkish food conglomerate Yildiz Holding, has said it is not among firms reportedly lining up to take control of Weetabix, the UK-based breakfast cereal business owned by China's Bright Food.
Weetabix, the UK-based breakfast cereal business owned by China's Bright Food, is reportedly attracting interest from a number of food multinationals.
China's Bright Food Group is reportedly looking to sell its shares in UK breakfast cereal producer Weetabix.
China's Bright Food Co. is reportedly targeting listings of UK breakfast cereal business Weetabix and Australian food group Manassen Foods in the next two years.
Ambitious Bright Food, the Chinese state-backed food group, missed out on previous Western targets like United Biscuits and Yoplait but it has planted a flag in Europe with the acquisition of a majority stake in UK cereal manufacturer Weetabix. The deal could give Bright Food some Western expertise to apply to its domestic business but, as Dean Best reports, its faces a challenge in building the brand in China, where it remains early days for breakfast cereal.
China's Bright Food has acquired a majority stake in UK cereal maker Weetabix.
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