Apr 17, 2017

Weetabix to be bought by Post of the US for $1.76bn

Weetabix, the British cereal that carries a royal warrant, is to be acquired for about $1.76bn by US consumer group Post Holdings, according to people involved in the transaction. A deal between Weetabix and the US group, which owns cereals brands including Golden Crisp and Cocoa Pebbles, is due to be announced as early as Tuesday morning New York time before US markets open. Other groups competing to buy Weetabix included the UK's Associated British Foods and Cereal Partners, a joint venture between Nestlé and General Mills, according to people close to the deal. Bright Food struggled in its efforts to make Weetabix palatable to Chinese consumers, who tend to prefer hot and savoury breakfast dishes. Goldman Sachs was hired by Weetabix to handle the sale of the cereal maker late last year.

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