Post Holdings, the US breakfast cereal business, is reportedly one of two bidders left in the race to buy UK peer Weetabix.
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.