China's Bright Food Considers Weetabix IPO Flotation
Published on Nov 22 2013 1:54 PM in A-Brands
China’s state-controlled Bright Food Group Co. is considering taking its newly acquired breakfast brand Weetabix public in Hong Kong, the Uk or the US as it looks for a greater presence on China’s breakfast tables.
Bright Food, spokesman Pan Jianjun is quoted by news organizations like the Financial Times and The Wall Street Journal.
He told the FT that there was "no timetable" for the IPO, and that no bankers had yet been appointed to advise on it. Weetabix would be listed "when it's ready", he said.
The publication said bankers in Hong Kong have confirmed preliminary talks have taken place, but that discussions remain at "a very early stage".
"We have been preparing for the IPO step by step but I won't say it will happen soon," Pan told the FT.
Bright Food, which makes grocery items as diverse as milk, candy, wine and meat, entered into an agreement to purchase 60% of Weetabix in May, in a deal that valued the group at £1.2 billion. The remaining 40% of shares are held by private-equity group Lion Capital and Weetabix management.
© 2013 - European Supermarket Magazine by Enda Dowling