China's Bright Food completes acquisition of majority holding of UK's cereals manufacturer
(
Xinhua)
08:11, November 06, 2012
LONDON, Nov. 5 (Xinhua) -- Bright Food Group, one of China's largest food groups, announced on Monday that it had completed the acquisition of 60 percent of the share capital of British Weetabix Food Company.
With an Enterprise Value of 1.2 billion pounds (), including company shares and debt, the transaction marks the largest overseas acquisition by a Chinese company in the food and beverage sector.
This transaction is an important move by Bright Food in its overseas expansion strategy, allowing it to enter into both the UK and global food markets through the acquisition of a premium global brand.
Bright Food is committed to driving the global growth and success of the Weetabix business, with a focus on the potential in Asia and especially in China.
China's cereal market is growing at 20 percent annually as a result of a growing appetite in the country for packaged and convenient healthy foods.
The Weetabix brand will now have access to all of Bright Food's channels, including over 100,000 retail outlets, allowing it to access Chinese households more rapidly.
In addition, Weetabix is conducting research on the diet and taste preferences of Chinese consumers to support the launch of new products for the Chinese market.
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