China's Bright Food denies interst in British cereal maker Weetabix
23 Apr 2012
British cereal maker, Weetabix may change hands with a Chinese state-backed food company eyeing the brand.
However, Bright Food Group Co, China's second-largest food company, has denied the reports that it is in talks to buy British cereals maker Weetabix Ltd from private equity firm Lion Capital, Bloomberg reported quoting a company spkesperson.
Bright Food has been in negotiations for several weeks with Lion Capital, owner of Weetabix, about a possible purchase, which would value British firm at around 1 billion the Telegraph and The Sunday Times reported.
Weetabix can trace its history back to 1932. It has been family-owned until its takeover by Texan private equity firm, Hicks, Muse, Tate and Furst in 2004 for £642 million.
Analysts say Bright Food has placed a value of around £1 billion on the Northamptonshire-based business.
The British brand has a presence across 80 countries, employs around 2,000 people and generates annual sales of £423 million.
