Shanghai-based food group Bright Dairy & Food (600597.SH) is in talks to purchase UK food group United Biscuits for US$3.95 billion, the Financial Times reported. US private equity firm Blackstone Group and France’s PAI Partners, which own United Biscuits, began looking for bids last year for the company. Bright Dairy’s interest is said to be in developing the Chinese snacks market rather than cutting costs for snacks sold in the UK. United Biscuits, whose brands include Jaffa Cakes and Hula Hoops, has 7,000 employees at 14 locations around the UK, and posted revenues of US$1.99 billion in 2009; it had net debt of US$1.89 billion last year.
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