Chinese firm in Weetabix takeover

China’s Bright Food will take control of breakfast cereal maker Weetabix, beloved by generations of Irish children, in the biggest foreign acquisition by a Chinese food group.

State-owned Bright Food has agreed to buy a 60% stake in a deal which puts a value of € 1.4bn, including debt, on the private-equity owned company.

The Shanghai-based group has been on the acquisition trail, seeking to raise its profile and cater for its rapidly growing home market. Weetabix is its second foreign purchase in a year and its first in Europe.