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Bright Food in takeover talks with Israel's biggest food company
Online Edition
China’s food and beverage maker Bright Food (Group) Co confirmed that it’s in talks with Israel’s biggest food manufacturer and distributor, Tnuva, about possibly taking over that company.
Israel’s Haaretz Newspaper reported on its website yesterday that the deal could reach 6.1 billion new Israeli Shekel (US$1.29 billion).
Bright Food refused to reveal the details of the ongoing discussion.
The Chinese company is in talks with Apax Partners, the British private equity fund that owns a 56 percent stake in Tnuva, the website reported, without saying where it got the information.
Last year, Bright Dairy, a listed subsidiary of Bright Food (Group) Co, completed its takeover of a 60 percent stake in the UK food company for 1.2 billion pounds.
Cao Xiaofeng, chief financial officer of Bright Food, was quoted by the Economic Observer last month that Bright Food’s overseas expansion will be focused on the upscale demand for food and beverage products from domestic consumers.
In 2010, Bright Dairy acquired a 51 percent stake of New Zealand milk producer Synlait for US$58 million.
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