Bright Food buying 56% of Israeli company

The deal will help Bright Food boost its business at a time when major players are vying for a bigger share of China's burgeoning dairy sector. French food conglomerate Danone SA raised its stake in China's biggest dairy producer, Mengniu Dairy Co, earlier this year.

Bright outlook for Israel dairy firm acquisition

Bright Food gets 2nd Aussie firm

The Tnuva deal marks Bright Food's latest overseas acquisition, as the Shanghai-based firm hopes to have foreign assets account for 25 percent of its total in three years' time. It bought UK-based Weetabix Food Co in 2012 and Australia's Manassen Foods in 2011, among other international purchases.

Such widely scattered assets will serve to enrich its product line and optimize distribution channels, Pan noted. Bright Food also is contemplating an eventual listing of some of its foreign assets.

For both parties, a guiding principle in the post-acquisition period is to "respect, tolerate and trust" each other, Pan said.

It is in line with an earlier arrangement achieved by Bright Food and Australian takeover target Mundella, whose daily operations are overseen by mostly local executives.

When going global, Chinese firms should learn to form a sound relationship with key middlemen such as law firms, accounting agencies and banks, company vice-president Ge Junjie told China Daily in an earlier interview.

"Chinese companies are embracing the world with friendliness and inclusiveness. But to seal any business contract, mutual respect is a precondition," he said.

 

 

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