June 10, 2015

China's Bright Dairy eyes state-owned Tnuva  

Shanghai-based Bright Dairy & Food Co Ltd plans to raise up to RMB9 billion (US$1.45 billion) from select investors to buy Israeli food firm Tnuva from its state-owned parent, Bright Food Group Co Ltd, the company said.

An acquisition would enable Bright Dairy to expand abroad, and bring Tnuva's high-end dairy products and production technology into the Chinese market.

Several listed firms have recently purchased assets from their state-owned parents as the Chinese government increasingly uses the capital markets to reform its enterprises.