Bright Food: No Weetabix stake sale planned
Shanghai-based food giant Bright Food Group Co denied on Wednesday that any deal had been reached to sell its majority stake in popular UK cereal brand Weetabix.
A Reuters report claimed that the firm was looking to sell its 60 percent holding, which is valued at around 1 billion pounds ($1.24 billion)
Bright Food said that no such deal was taking place at the moment and declined to comment further.
Meanwhile, a spokeswoman for Weetabix, who requested anonymity, told China Daily that it was “business as usual” and the company does not comment on rumor or speculation.
Reuters, citing “unidentified sources”, said a sales process could start in January because Bright Food struggled to crack China’s market where most people prefer local hot and savory meals, such as rice or congee, for breakfast. The majority of Weetabix’s sales came from the United Kingdom, where it is the second-largest cereal brand behind world leader Kellogg’s.