Weetabix, the British cereal that carries a royal warrant and is a household staple across the UK, is to be acquired for $1.76bn by US consumer group Post Holdings after five years under Chinese ownership.
The deal is the latest by St Louis-based Post, which has been seeking to consolidate parts of the cereals, snacks and protein bar markets through acquisitions since it was spun out of Ralcorp Holdings in 2012. “It affords Post a truly iconic brand,” said Rob Vitale, Post’s chief executive. “We tend to use the term loosely, but it fits with the UK’s national heritage and deserves the term. Weetabix sits within a mature market but maintains its status in the world's second largest cereal market.”
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