BEIJING, April 19 (Xinhua) -- China's Bright Food Group Co has agreed to sell British cereal brand Weetabix to US cereal company Post Holdings for 1.76 billion U.S. dollars, a spokesman for the Chinese conglomerate said on Tuesday.
The sale would mark the end of Chinese ownership. Bright took control of the company from Lion Capital in 2012 amid a major overseas push stretching from Australia to Israel.
The sale doesn't mean the end of Bright's international ambitions, Shanghai-based Bright spokesman Pan Jianjun said. "This is a part of our internationalization strategy. Selling assets enables us to better expand. Going forward Bright will stick to our overseas push," he said.
Reuters reported in January that Post, the No.3 US cereal company, was among four bidders vying for Weetabix, a business founded 85 years ago. The other bidders were Britain's Associated British Foods, Cereal Partners Worldwide and Italian pasta maker Barilla. Weetabix had earnings before interest, tax, depreciation and amortization of 130 million pounds (164.5 million U.S. dollars) in 2016, Reuters reported in December. (Global Times)
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