BREAKFAST favourite Weetabix is to come under Chinese ownership after a major takeover deal.
Shanghai firm, Bright Food, will take 60% of the Weetabix Food Company, placing a £1.2bn value on the cereal giant. Current private equity owner Lion Capital will retain a 40% stake.
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.
State-backed Bright Food is looking to take advantage of China’s “growing appetite’’ for healthy foods.