Citing unnamed sources, Sky News yesterday (8 March) reported Post, the owner of the Grape Nuts and Honey Bunches of Oats brands, was “running hard” to try to seal a deal for Weetabix.
The report did not name the other suitor still in the hunt. However, the sources told Sky News companies previously said to be interested in Weetabix – Associated British Foods, Barilla and Kellogg – are no longer involved.
Speculation over the future of Weetabix emerged before Christmas, when Reuters reported Bright Food, the state-backed Chinese group and majority shareholder of the business, was looking to sell its stake. However, China Daily subsequently quoted a Bright Food spokesperson as saying no deal was taking place.
Since the turn of the year, the speculation has intensified, with Reuters reporting last month four companies – Post, ABF, Barilla and Cereal Partners Worldwide , the venture between Nestle and General Mills – were preparing offers.