Weetabix sale could see breakfast cereal firm join £1bn club
The Chinese owner of Weetabix has reportedly put the breakfast cereal firm up for sale in a deal that could value it at £1 billion.
Bright Food Group, which acquired a 60% stake in Weetabix in 2012, is working with Goldman Sachs on the sale process, according to Reuters.
The remaining 40% of Weetabix is held by Baring Private Equity Asia.
State owned Bright Food said when it bought Weetabix that it would look to crack the Chinese breakfast market, but the bulk of its sales still come from the UK.
Weetabix has also been embroiled in the wave of strike action affecting the UK over the festive period after workers voted on Monday to go on strike in the new year following a row over shift patterns.
The Usdaw union said action will affect workplaces in Corby and Kettering, with the first strike taking place in the new year.
The company said "changing consumer breakfast habits" have increased demand for biscuit production, resulting in the new shift patterns.