Bright Food, the Chinese food group that owns a controlling stake in UK cereal maker Weetabix, is understood to have confirmed its interest in listing the business.
The company was reported to be preparing to float Weetabix in Hong Kong in November last year. However, a spokesperson told just-food at the time it was “too early to say” what the group’s strategy would be.
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Bright Food spokesman, Pan Jianjun, told The Financial Times today (21 November) it will consider a listing for the breakfast cereal maker in Hong Kong, the UK or US. He told the publication there was “no timetable” for the IPO, and that no bankers had yet been appointed to advise on it. Weetabix would be listed “when it’s ready”, he said.
The publication said bankers in Hong Kong have confirmed preliminary talks have taken place, but that discussions remain at “a very early stage”.
“We have been preparing for the IPO step by step but I won’t say it will happen soon,” Pan told the FT.
Bright Food entered into an agreement to purchase 60% of Weetabix in May last year, 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.
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By GlobalDataBright Food could not be reached for comment at the time of going to press.
