Bright Food: No Weetabix stake sale planned

China Daily (Hong Kong) - - BUSINESS - By BO LE­UNG in Lon­don and YU RAN in Shang­hai

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.

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