China’s Bright Food Group Co is negotiating to raise the stake it plans to buy in Israel’s largest food company, Tnuva, to over 70 percent, and the deal is expected to be concluded in April , a company executive said. “The exact amount of the stake and the value of the deal would be revealed after the settlement contract is signed,” Bright Food spokesman Pan Jianjun said by telephone yesterday [26 February 2015]. Bright Food originally planned to buy a 56 percent stake in the Israeli company from Apax Partners, a London-based private equity firm, and the transaction was to have been completed last month…Full Article: ECNS.cn Feb 2015
- According to an Israeli newspaper, Bright Food Group may purchase its increased stake in Tnuva for approximately US$1.29 billion.
- Tnuva, Israel’s largest food manufacturer and distributor, produces frozen pastries, cheese, and other dairy products.
- In May 2014, Bright Food Group purchased a 56% stake (~US$2.5 billion) in Tnuva.
- In February 2014, Bright Food Group (parent company of Bright Dairy & Food) and Citigroup are investigating (e.g. due diligence) whether to purchase (US$2.55 billion) Tnuva Food Industries.
- Bright Dairy & Food, a Shanghai-based subsidiary of Bright Food Group produces pasteurized milk, fresh milk, yoghurt, ultra-high heat pasteurized milk, milk powder, butter and cheese, and fruit juices. It is one of the largest dairy production and sales companies in China.