China’s Bright Food has made Australia its priority for international expansion after establishing a platform in the country with its purchase of a 75 per cent stake in Manassen Foods, a privately owned branded food business.
The purchase of Manassen broke a string of failed deals for the Chinese group, which made unsuccessful attempts to buy assets in Australia, France, the UK and US. The series of failed deals raised questions over its credibility as a bidder.
Wang Zongnan, chairman of the Shanghai government-owned food group, said Australia offered a range of investment opportunities, including sugar, agricultural products, dairy, fruit and wine. “These abundant resources are our focus for the next stage of our growth,” Mr Wang told the Financial Times in Sydney. “In country selection, Australia comes first. There is also a track record between China and Australia in terms of trade and economic co-operation.”