Weetabix sold for €1.65bn as sales struggled in China

US cereal company Post Holdings agreed to buy Weetabix from Bright Food Group of China for £1.4bn (€1.65bn), adding the breakfast staple to a portfolio that includes Grape Nuts and Honey Bunches of Oats.

The deal for the maker of oval-shaped cereal bricks gives Post a stronger presence in the UK, which accounted for four-fifths of Weetabix’s £346m of revenue in 2016.

The move “continues our strategy of strengthening our portfolio in stable categories and diversifying into new markets, bringing much-loved brands to significantly more customers globally,” said Post chief executive officer Rob Vitale.