Bright Food Group seeking acquisitions

Chinese conglomerate Bright Food Group will continue to seek acquisitions in the food industry as a means to achieve its growth targets, the China Securities Journal reported on Thursday, quoting executives.

The company, which has four listed subsidiaries, planned to restructure its sugar business this year and in preparation for an overseas listing, the newspaper reported.

Bright Food Group Chairman Wang Zongnan said the focus for overseas acquisition targets would be on resources companies and also in the wine industry.

The company intended to use its investment muscle to acquire domestic and international companies in the dairy, sugar, liquor industry to gain global dominance, the paper reported.

US private equity firm Blackstone Group LP is in talks to join a bid by China's Bright Food Group Co for US health-care products seller GNC Holdings Inc, a source familiar with the situation said on Wednesday.

Shanghai-based Bright Food, best known for its dairy products, recently lost a bidding war for Australian sugar refiner CSR Ltd.