Bright Food uses unit to buy Aussie dairy firm
Print Edition
Bright Food (Group) Co has agreed to buy Australia’s Mundella Foods through an overseas subsidiary as the Chinese conglomerate accelerates its overseas expansion.
Manassen Foods, an Australian company in which Bright Food bought a 75 percent stake after paying 2.9 billion yuan (US$480 million) to a private equity firm in 2011, has signed a deal to purchase Mundella Foods, Bright Food spokesman Pan Jianjun told Shanghai Daily yesterday.
“The actual price for the takeover will be decided according to the audited financial results in 2013,” Pan said.
Mundella’s operation mainly covers western Australia and this could complement Manassen’s existing business. Mundella’s major products include cheese and yogurt, which won’t be imported into the Chinese market.
Bright Food’s overseas expansion has seen it buy Manassen, which supplies food brands to Australian retailers, and New Zealand’s Synlait Milk Ltd.
The state-owned company also said last year that it was in talks with a private equity fund to acquire Israel’s biggest food producer and distributor Tnuva in a deal said to be worth US$1.7 billion.
Bright Dairy, a Shanghai-listed unit of Bright Food, bought 60 percent of Britain’s cereal maker Weetabix for 1.2 billion pounds (US$1.97 billion) in 2012.
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