Bright Food buys Spanish distributor
Print Edition
SHANGHAI’S Bright Food Group said yesterday it has signed a deal with two Chinese partners to buy a 100-percent stake in Spanish food distributor Miquel Alimentacion.
The state-owned company will be the majority stakeholder with 72 percent, Vice President Ge Junjie told a press conference, without giving the size of the deal.
The transaction is expected to be granted approval by Chinese regulators this month and subject to scrutiny by European anti-monopoly authorities should be completed by the end of September, he said.
This is the first time Bright Food has teamed up with other Chinese firms on an overseas acquisition.
“We will import premium food and beverage products from Spain to cater to the demands of our domestic consumers and also introduce Bright Food’s products to overseas markets,” Ge said.
The deal is the latest move in the company’s efforts at overseas expansion. Earlier this year it bought a 78-percent stake in Israel’s largest food company Tnuva.
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