>> It's a breakfast favorite in more than 80 countries, but the Chinese never really got a taste for Weetabix. Five years after China's Bright Food bought a 60% stake in the British cereal maker, it's selling the brand to the Americans. Post Holdings has agreed to pay $1.76 billion for Weetabix, Alpern and Barbara's brands.
Weetabix, which also makes Ready Brek Instant Porridge, is 85 years old. It has a royal warrant, is the nation's top selling cereal brand, and was family owned until 2004. It's also the largest producer of breakfast cereals in the UK, and employs around 2,000 people. The new deal will give Post more access to international markets, while expanding Weetabix and Barbara's in North America.
Bright says the sale doesn't mean the end of its international ambitions. It's sticking to its overseas push, and will use the money from the sale to expand.