June 26, 2014

 

Bright Food Group said it is seeking more expansions and ready to pay RMB10 billion (US$1.60 billion) for large-scale acquisitions, China Daily reported.

Chairman of the company, Lyu Yongjie said that future acquisitions will include both domestic and overseas companies with a preference for one acquisition at a time. He added that the company is not interested in small deals, but did not provide further details.

Lyu also said that Bright Food is currently preparing an initial public offering for its Australian unit Manassen Foods.

The Shanghai-based company involves in businesses that cover food and beverages, farming and retailing. The company has gone on an overseas acquisition spree in the past few years. Last month, the company bought a 56% stake in Israel's Tnuva Food Industries; in 2012, it acquired a 60% stake in the British cereal maker Weetabix; and in 2011, it bought a 75% stake in Australia's Manassen Foods.