Jun. 26, 2012 (China Knowledge) - Bright Food (Group) Co Ltd, which is a leading food producer and retailer in China and also the major shareholder of Shanghai-listed
Bright Dairy & Food Co Ltd<600597
>, will take over a 70% stake in Bordeaux wine exporter Diva to expand into the wine sector, foreign media reported.
The value of the transaction is undisclosed. Privately-owned Diva has 40% of its sales from China and 60% from Asian markets.
China, whose wine consumption soared 110% YoY in 2011, is the largest importer of Bordeaux wine.
State-owned Bright Food has been attempting to buy major world food brands for some time. The Group failed in its bids for French yogurt maker Yoplait and the American health supplement group GNC last year. In May 2012, it took over a 60% stake in 80-year-old breakfast cereal Weetabix Food Co for more than EUR 1 billion.