Bright to sell most of Weetabix stake

Shanghai-based food conglomerate Bright Food Group Co has confirmed it will sell the majority of its stake in UK cereal brand Weetabix to US cereal company Post Holdings, the group's spokesman told China Daily on Tuesday.

The sale is projected to be worth $1.76 billion, according to Reuters. Bright Food will remain as a stakeholder in the brand and continue to help it expand in the Chinese market, according to the company.

"The move will help Bright Food better leverage its financial and human resources for its globalization strategy," said Pan Jianjun, spokesman for the State-owned conglomerate, which has made several acquisitions globally in recent years.