Bright Food Says It’s Agreed to Buy Majority Stake in Australia’s Manassen
INTERNATIONAL NEWS
Bloomberg - Aug 15th 2011, 10:29
Bright Food Group Co., China’s second-largest food company, agreed to buy a majority stake in Australia’s Manassen Foods.
Both companies are “finalizing the details” of the transaction, Pan Jianjun, Shanghai-based spokesman for Bright Food, said in an interview.
The state-owned Chinese foodmaker will pay A$400 million ($416 million) for a 75 percent stake, according to two people familiar with the deal who declined to be identified because the negotiations aren’t public. Bright Food will buy the stake from Champ Private Equity in a deal that gives Manassen, the maker of Albatros bread and Harringtons chocolates, an enterprise value of about A$530 million, said the people.
Bright Food will import Manassen’s brands into China, Pan said. The Chinese foodmaker will also sell its products through Manassen’s network in Australia, he said.
Pan declined to comment further on the transaction.
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