Bright Food, the Chinese state-owned food group that controls the UK breakfast food brand Weetabix, has signed a preliminary agreement to buy a controlling stake in Tnuva, Israel’s biggest food manufacturer and distributor.
Bright said it signed a preliminary deal to buy a 56 per cent stake in the company from Apax Partners, the London based private equity firm.
Bright said that a price was yet to be agreed, although Israeli news websites have reported that the deal valued the whole of Tnuva at Shk8.6bn ($2.5bn). The move is subject to approval from the Chinese government.
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