Bright Food denies United Biscuits merger talks
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Bright Food (Group) Co. Monday denied rumors it is considering a bid for leading UK biscuits and snacks maker United Biscuits, the Oriental Morning Post reported Tuesday.
Foreign media carried reports on Monday that Bright Foods is in exclusive talks over a possible acquisition of United Biscuits. If the deal succeeds, it could be worth 2 to 2.5 billion UK pounds (1 pound=1.58 US dollars). Bright Food has reportedly hired European investment bank Rothschild as an advisor on the deal.
But Wang Zongnan, board chairman of Bright Food denied the reports. "There's no such deal, I'm positive that there's no such deal," said Wang.
United Biscuits, founded more than a century ago, is the largest biscuit maker in UK. Headquartered in Middlesex County, United Biscuits owns a number of top brands including McVities and Jaffa Cakes. The company has annual revenues of 1.3 billion pounds and net debts of 1.2 billion pounds. Last year's operating profit was 223 million pounds.
China's business press carried the story above on Tuesday. China.org.cn has not checked the stories and does not vouch for their accuracy.
