Flickr/mjtmailSHANGHAI/NEW YORK, April 18 (Reuters) - China's Bright Food Group has agreed to sell iconic British cereal brand Weetabix to US cereal company Post Holdings for $1.76 billion, a spokesman for the Chinese conglomerate said on Tuesday.
Weetabix – made in the UK since 1932 – was put up for sale in January by China’s Bright Food, which bought a 60 per cent stake in 2012.
Bright’s acquisition was the largest by a Chinese firm at the time, but it is believed to have struggled to build significant market share in China, reports The BBC.
Chinese consumers prefer a hot, rice-based breakfast to cold cereal.
While Weetabix doubled sales in China in 2016, the UK still accounts for the majority of its sales.