China company buys majority share in Weetabix

British cereal favourite Weetabix is to come under Chinese ownership after a deal involving the Asian country's biggest overseas food takeover.

Shanghai firm Bright Food will take a majority 60% share of the Weetabix Food Company, placing a £1.2bn (€1.47bn) value on the cereal giant, while current private equity owner Lion Capital will retain a 40% stake.

Northampton-based Weetabix, which also owns Alpen and Ready Brek, was founded in 1932 and was family owned until 2004 when it was bought by a Texan private equity firm.