Undaunted Bright Food goes Aussie
By Jin Jing |
August 16, 2011, Tuesday
|
Print Edition
Print Edition
CHINA'S Bright Food Group is negotiating to buy into Australia's Manassen Foods as it looks to expand overseas to grow its business, undaunted by several failed bids in the past.
"Bright Food is in talks to buy Australia's Manassen Foods and aims for a controlling stake," a source from the group told Shanghai Daily yesterday. "The project is still being discussed, including negotiations on the terms of the purchase and winning regulatory approval from both countries."
Cao Shumin, president of the group, said earlier that the company is keen on mergers and acquisitions in its core business such as dairy, sugar, wine and agriculture.
Cao's remarks came after a Reuters report yesterday cited an anonymous source as saying that Bright Food may buy a 75 percent stake in Manassen from CHAMP Private Equity, valuing the Australian firm at over A$500 million (US$516 million). If the deal is successful it will be Bright's biggest ever overseas acquisition, Reuters said.
"The proposed purchase of Manasen Foods lays the foundation for Bright Food's entry in the Australia market," said analyst Zhou Siran at CIConsulting. "Besides gaining expertise in global marketing and product quality, Bright Food may also strengthen global distribution through the deal."
Manassen Foods, whose products include dry groceries, confectionery, biscuits and cakes, employs more than 350 people.
The Australian food firm is the latest acquisition attempt by the Shanghai-based group after it faced setbacks in trying to buy several targets, including the sugar business of CSR and French yoghurt maker Yoplait over the last year.
Talks to buy United Biscuits and United States vitamin products retailer GNC also collapsed, according to media reports.
Last July the group's subsidiary, Bright Dairy & Food, paid US$58 million to buy 51 percent of New Zealand's Synlait Milk to enter the high-end market.
"Bright Food is in talks to buy Australia's Manassen Foods and aims for a controlling stake," a source from the group told Shanghai Daily yesterday. "The project is still being discussed, including negotiations on the terms of the purchase and winning regulatory approval from both countries."
Cao Shumin, president of the group, said earlier that the company is keen on mergers and acquisitions in its core business such as dairy, sugar, wine and agriculture.
Cao's remarks came after a Reuters report yesterday cited an anonymous source as saying that Bright Food may buy a 75 percent stake in Manassen from CHAMP Private Equity, valuing the Australian firm at over A$500 million (US$516 million). If the deal is successful it will be Bright's biggest ever overseas acquisition, Reuters said.
"The proposed purchase of Manasen Foods lays the foundation for Bright Food's entry in the Australia market," said analyst Zhou Siran at CIConsulting. "Besides gaining expertise in global marketing and product quality, Bright Food may also strengthen global distribution through the deal."
Manassen Foods, whose products include dry groceries, confectionery, biscuits and cakes, employs more than 350 people.
The Australian food firm is the latest acquisition attempt by the Shanghai-based group after it faced setbacks in trying to buy several targets, including the sugar business of CSR and French yoghurt maker Yoplait over the last year.
Talks to buy United Biscuits and United States vitamin products retailer GNC also collapsed, according to media reports.
Last July the group's subsidiary, Bright Dairy & Food, paid US$58 million to buy 51 percent of New Zealand's Synlait Milk to enter the high-end market.
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