Chinese consumer goods firm Bright Foods is in negotiations to buy Manassen Foods Australia from its current owner, Champ Private Equity, the Wall Street Journal reported, citing an unnamed source. Manassen Foods, which was acquired by Champ, an Australian PE firm, in 2006, is best known for its Laughing Cow cheese and Jelly Belly jelly-bean brands. Bright Foods has been looking to expand abroad for some time. Its spokesperson, Pan Jianjun, said in March that Bright Foods needs to purchase other companies to achieve its goal of doubling revenue from US$7 billion last year by 2015. However, its recent foreign acquisition attempts have not been successful. A bid to buy 50% of Yoplait in March was lost to General Mills (GIS.NYSE), and an effort to acquire British company United Biscuits broke down in October.
From chinaeconomicreview.com
