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September 24, 2021

China’s Bright Food considers acquisition of Israel’s Tnuva

Bright Food Group Co., the dairy and consumer-products group backed by the Shanghai government, said it’s considering an acquisition of Israel’s Tnuva Food Industries Ltd., which was also present in Romania, as the Chinese company expands overseas, Wall Street Journal informs. Bright Food is in “preliminary” acquisition talks on Tnuva, the Chinese company’s spokesman Pan Jianjun said by phone today, without specifying the size of the stake it might buy. The company has been seeking acquisitions overseas and bought a 60 percent stake last year in British cereal maker Weetabix Ltd. from private-equity firm Lion Capital LLP. Rivals including China Mengniu Dairy Co. have also sought deals or foreign partnerships after a series of safety scandals hurt consumer confidence in local brands.

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