China's Bright Food to buy 60% of Weetabix

One of China's largest food groups, Shanghai-based Bright Food Group, said on Thursday it had agreed to buy 60 percent of Weetabix, a cereal maker in Britain.

The deal will be the largest overseas acquisition by a Chinese company.

If approved by government authorities, the purchase will be completed by the end of this year.

Weetabix in future will focus on market potential in Asia, including China, according to Bright Food.

Wang Zongnan, chairman of Bright Food, said the group was "delighted" to be a shareholder in Weetabix, and he was confident the revenue and profit of the cereal maker would maintain long-term, stable growth.

Insiders say the deal will help Bright Food to enter Britain, and even the global food market via the Weetabix brand.

Founded in 2006, Bright Food is a large food and dairy conglomerate. The group's business revenue reached 12.2 billion U.S. dollars last year.