China’s Bright Food has broken its streak of failed deals by snapping up a 75 per cent stake in Manassen Foods in a transaction
valuing the Australian branded foods business at A$530m (US$556m) including debt.
The acquisition gives Bright Food a toehold in Australia and follows its unsuccessful attempt last year to buy Sucrogen, the sugar and biofuels unit of Australia’s CSR, which was ultimately acquired by Singapore-based Wilmar International for A$1.75bn. Bright also lost out to General Mills earlier this year for a stake in French yoghurt maker Yoplait, and last year held unsuccessful talks to buy United Biscuits of the UK.
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