4 May 2012

China's Bright Food buys Weetabix

1:31 pm on 4 May 2012

China's largest food company is set to take control of British cereal maker Weetabix.

Shanghai firm Bright Food will take a 60% stake in Weetabix in a deal that values the company at £1.2 billion, the BBC reports.

It is thought to be the biggest ever acquisition by a Chinese food company.

Bright Food chairman Wang Zhongnan says his company is a good partner to help Weetabix break into new markets such as China.

Bright Food bought a major stake in New Zealand's Synlait milk company for $82 million dollars.