China's Bright Food Eyes Buying British Snacks Maker

Bright Food (Group) Co., one of China's largest food-industry conglomerates, plans to purchase British snacks and cookies maker United Biscuits (Holdings) Ltd., reports the Wall Street Journal.

 

People familiar with the matter told the Journal that the acquisition is valued at more than £2 billion, or about US$3 billion.

 

United Biscuits generates the bulk of its revenue in western Europe, but has limited exposure to emerging markets.

 

Bright Food operates more than 3,300 retail stores throughout China. It also runs four listed companies. Among them is Bright Dairy & Food Co., which was among companies implicated in the 2008 melamine scare.

 

 

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