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Chinese ownership for Weetabix

Front of a box of Weetabix
Front of a box of Weetabix Credit: PA

British cereal 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 £1.2 billion 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.

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