China’s Bright Food to acquire Australia’s Mundella

China’s Bright Food Group said on Tuesday it had agreed to buy Australian cheese and yoghurt producer Mundella Foods through its Australian subsidiary, Manassen Foods, Reuters reported. Bright Food, a state-owned food and beverage maker, is looking to further expand overseas and cash in on Asia’s surging demand for dairy products. The terms of the deal have been decided but the transaction value will be finalized once Mundella’s 2013 financial results are available, according to Bright Food spokesman Pan Jianjun. Bright Food owns four mainland-listed companies.