The biggest acquisition to date of a food company by a Chinese enterprise will provide an avenue for higher quality products in accordance with consumer and government trends, an adviser on the deal said.
According to the agreement made on 3 May, Bright Food (Group) will acquire 60% of the shares of Weetabix Limited (or Weetabix Food Company as its trading name) from Lion Capital at the price of £1.2 billion (US$1.9 billion).
Bright Food is one of the largest integrated food producers in China, while Weetabix is a UK-based producer of cereal foods, with a portfolio of renowned brands including Alpen and Weetabix.
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