Bright Food mulling overseas aquisition

By 2011-8-9 15:15:14

Bright Food Group Co., China’s second-largest food company, may make a purchase in Europe or Australia in as soon as six months as it seeks to boost overseas sales to as much as 30 percent of its total in five years.

“Many projects are under negotiations,” Chairman Wang Zongnan said in an Aug. 5 interview in Shanghai, referring to overseas purchases. “The next acquisition may take place in half a year to a year.”

Potential targets could include European or Australian companies in the food-distribution and sugar industries, Wang said at an event marking Bright Food’s five-year anniversary. Buying overseas assets may help the closely held company make the best use of its “extremely” strong distribution network in China, said Shaun Rein, managing director of Shanghai-based China Market Research Group.

Bright Food, controlled by the Shanghai city government, is considering making an offer for Australia’s Treasury Wine Estates Ltd., the world’s second-largest winemaker, two people familiar with the matter said in July.

From cnwinenews