Bright completes Weetabix takeover
Source: Xinhua |
November 7, 2012, Wednesday
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Print Edition
Print Edition
BRIGHT Food Group, one of China's largest food groups, has announced it acquired 60 percent of British Weetabix Food Co.
With an enterprise value of 1.2 billion pounds (US$1.9 billion), 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 the UK and other markets through the acquisition of a premium global brand. The Weetabix brand will now have access to all of Bright Food's channels, including more than 100,000 retail outlets, allowing it to access Chinese households more rapidly.
With an enterprise value of 1.2 billion pounds (US$1.9 billion), 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 the UK and other markets through the acquisition of a premium global brand. The Weetabix brand will now have access to all of Bright Food's channels, including more than 100,000 retail outlets, allowing it to access Chinese households more rapidly.
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