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Weetabix sold to US firm for Sh186 billion
A range of Weetabix products: Weetabix's total sales in 2016 as of January 2 dropped 1.6 per cent year-on-year, and profit fell 15 per cent to £84.6 million (around Sh11 billion). PHOTO | FILE
China's second-largest food company Bright Food Group has agreed to sell British-based breakfast cereal maker Weetabix to US company Post Holdings in a deal worth Sh186.2 billion ($1.8 billion), Bloomberg News said Tuesday.
State-owned Bright Food bought a 60 per cent stake in Weetabix for 1.2 billion pounds in 2012, part of an aggressive search for overseas assets as it sought to expand its global footprint.
