China’s Bright Food to take over Australian food producer

China’s Bright Food has bought a majority stake in Australian distributor Manassen Foods.

Bright Foods will take a 75% stake in Manassen, which produces and distributes brands in the confectionery, cookies and cakes, perishables, frozen foods and dry groceries such as bread and noodles, in a deal valuing the firm at about 530m Australian dollars ($555m; £336m).

Manassen is majority-owned by Champ Private Equity, and manages brands such as Jelly Belly sweets and Walkers Shortbread biscuits.

Bright Food has previously failed in a series of high-profile takeover bids.

Bright Foods, which is China’s second-largest food company, had tried to buy French yoghurt maker Yoplait earlier this year but was outbid by US cereal-maker General Mills.

The state-owned firm also held unsuccessful talks with US nutrition retailer GNC and Australian sugar producer CSR.

Bright Food said it planned to expand the Manassen Foods businesses by providing direct access to the fast-growing Chinese market. The deal will also allow Bright Food, the maker of “White Rabbit” sweets, to build a more international presence.