CHINA: Wahaha eyeing global acquisitions
Zong told Bloomberg Wahaha wanted to take its products to Europe and the US
Chinese food and beverage group Wahaha has said it will look at global acquisitions in a bid to expand overseas.
Kelly Zong, head of international business at Wahaha and daughter of owner Zong Qinghou, said the company is working with investment banks to identify food and beverage deals in Europe and Australia.
Speaking at the World Economic Forum in Tianjin, Zong told Bloomberg Wahaha is interested in companies that can "help it source raw materials more efficiently and share distribution systems".
The company, which was last month rumoured to be the frontrunner in the bidding process for the snack unit of UK firm United Biscuits, is also eyeing the US as a potential market for entry.
Zong told Bloomberg the company wanted to take its products to Europe and the US.
"These countries are very regulated countries so we will have the best policy for [our] products ... so we won't be scared for food safety issues there." She added: "If I can bring a product to the US and Europe I can bring them all over the world."
Wahaha was a partner of Danone in China. In 2009, Danone sold its stake in Danone-Wahaha joint ventures to Chinese partners, following years of court battles across the globe. The joint venture deal had been signed in 1996.
Last week ended as it started: with a household brand caught up in the horsemeat contamination scandal. On Monday, Nestle said it had pulled Buitoni products in Spain and Italy after positive tests an...
- Comment: Nestle reacts to world of 3G and Buffett
- Why it is too early to call Unilever food revival
- France takes big step to uniform FOP labels
- What the analysts say: The verdict on Danone's Q1
- How will Flowers Foods grow in speciality bread?
- Unilever food, refreshment sales rise
- Organic food sales in US up 11% in 2014
- UPDATE: Danone CEO upbeat on 2015 growth
- Nestle in "exclusive" Davigel talks with Brakes
- Nestle sales rise on emerging markets, pricing