China’s Bright Food Group has agreed to sell cereal brand Weetabix to US cereal company Post Holdings for $1.76bn (￡1.4bn), a spokesman for the Chinese conglomerate said on Tuesday.
Shanghai-based Bright Foods had boosted sales of the breakfast cereal in China since buying the brand five years ago and said it would continue to work with Post to market the brand in the country, group spokesman Pan Jianjun told the Financial Times.
Post Group’s chief executive and president Rob Vitale said: “We have long admired Weetabix as a leader in cereal and believe it will be a fantastic strategic fit within Post.”
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