Bright Food: No Weetabix stake sale planned

Shanghai-based food giant Bright Food Group Co denied on Wednesday that any deal had been reached to sell its majority stake in popular UK cereal brand Weetabix.

A Reuters report claimed that the firm was looking to sell its 60 percent holding, which is valued at around 1 billion pounds ($1.24 billion)

Bright Food said that no such deal was taking place at the moment and declined to comment further.