China snaps up iconic Weetabix
WEETABIX, the iconic British breakfast cereal, was yesterday snapped up by Chinese state-owned group Bright Food for £700million.
The deal will see the Chinese firm take a 60 per cent stake in Weetabix, which also makes cereal brands Alpen and Ready Brek. Private equity owner Lion Capital and management keep the remaining 40 per cent stake.
Bright Food said it would increase the level of investment in the brands and grow internationally with a particular focus on its home market.