Bright Food (Group) Co Ltd, the Shanghai-based food giant, has completed the acquisition of Miquel Alimentacio Grup, Spain’s second-largest food distributor, in a move to expand its European distribution network. The 110-million-euro ($123.15 million) takeover was made jointly by Shanghai Tangjiu Group Co Ltd, a fully owned Bright Food subsidiary which took a 72 percent stake in Miquel, JIC Investment Co Ltd and Shenzhen Donghuatong Trade Development Co Ltd…Full Article: Sept 2015

Key Point

  • In November 2015, Bright Food expects to ship Spanish food products, such as wine and olive oil, to mainland China.

ChinaAg Comments

  • In August 2015, Bright Foods stated it would Bacquire a 72% stake in Miquel Alimentacio at a price earnings ratio of approximately 10 (i.e. market price per share divided by annual EPS).
  • In July 2015, the ex-chief of Bright Dairy & Food Co Ltd was being investigated for corruption by the Shanghai branch of the Central Commission for Discipline Inspection (CCDI).
  • In June 2015, Bright Dairy announced it would purchase Shanghai Dairy Group’s (also a subsidiary of Bright Food) cattle breeding and raw milk operations.
  • In June 2015, Bright Dairy also announced it will spend as much as CNY 9 billion (US$1.45 billion) to purchases parent’s controlling stake in Israel’s Tnuva Food Industries Ltd.
  • In February 2015, Bright Food Group was looking to raises its stake in Tnuva to 70% for approximately US$1.29 billion.
  • 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.
  • In May 2013, Ireland’s Glanbia (dairy company) signed a memorandum of understanding with Bright Foods Group to supply Avonmore milk to China.
  • Bright Dairy & Food is a Shanghai-based subsidiary of Bright Food Group which 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.

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