UK/CHINA: Weetabix owner Bright coy amid IPO talk
Bright Food reported to be looking at Weetabix listing in Hong Kong
Bright Food, the Chinese food group that owns a controlling stake in UK cereal maker Weetabix, has insisted its primary focus is on expanding the brand in the country amid reports it could list the business.
Responding to reports that Bright could be preparing to float Weetabix in Hong Kong, a spokesperson for the company told just-food it was "too early to say" what the group's strategy would be.
"The acquisition by Bright Food of a majority holding of Weetabix closed yesterday. It is too early at this stage to confirm future plans for Weetabix," the spokesperson said.
However, the company added it is currently assessing the best way to expand Weetabix in China.
"Efforts will be placed on successfully executing the China business plan," the spokesperson emphasised.
Bright Food entered into an agreement to purchase 60% of Weetabix in May, in a deal that valued the group at GBP1.2bn (US$1.9bn). The remaining 40% of shares are held by private-equity group Lion Capital and Weetabix management.
Weetabix has been forced to cut production of its Weetabix Minis and Oatibix bitesize ranges, a spokesperson for the group confirmed....
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