Bright Dairy & Food Co. plans to raise CNY9bn (US$1.45bn) to buy a controlling stake in Israel's Tnuva from its parent company Bright Food Group Co.

In a regulatory filing, Bright Dairy said the move would boost its prospects overseas as well as bringing Tnuva's premium dairy products and production technology to China.

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Bright Dairy plans to sell 559m shares in a private placement at CNY16.10 each. The company will use the funds to take control of Bright Food Singapore Investment Pte Ltd., the Bright Food Group-owned investment vehicle that holds a majority stake in Tnuva.

Bright Food Group holds approximately 76.7% of Tnuva's outstanding share capital.

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