Five Chinese state-owned companies have reportedly agreed on a merger to form the new Bright Foods Company by the end of next month.
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The new group will cover a supply chain for raw materials, retail and processing, according to a report in Shanghai Daily citing the Oriental Morning Post.
Shanghai First Provision Store, Shanghai Maling Aquarius, Bright Dairy and Food, Shanghai Urban Agro-Business and Shanghai Haibo have all merged with Bright Foods to fulfill government policies on state-owned assets and enterprises, reported the newspaper.
Bright Dairy is currently 11.55% owned by Groupe Danone, with the French food firm looking to buy another 4.23% of the dairy group from Shanghai Milk Group, Dow Jones Newswires said.
In addition, supermarkets, hypermarkets and convenient stores from Shanghai Bailian Group will also join Bright Foods Company in a second phase of the reform.
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By GlobalData
