China’s Bright Food Group is close to acquiring approximately 75% of Manassen Foods Australia in what would be one of the largest overseas acquisitions yet by a Chinese food company, the Wall Street Journal reported. The state-owned dairy, packaged snacks and confectionary maker plans to buy the stake from Sydney-based Champ Private Equity in a deal that would value Manassen at US$520 million, including debt, and offer Bright Food’s China-based business the prospect of new overseas sales channels and production technologies. Bright Food has tried and failed to make similar overseas acquisitions in the past: It lost a bid to buy half of French yogurt maker Yoplait from General Mills (GIS.NYSE) in March and failed to close separate bids for GNC Holdings (GNC.NYSE) and United Biscuits in 2010. Bright Foods said earlier this year that it plans to more than double its revenues by 2015 from US$7 billion in 2010. Company sales in the first half of the year were US$5.58 billion, up 18% year-on-year.