Weetabix set to go Stateside in £1.4bn deal

Northants-headquartered cereal brand Weetabix is set to be sold to US giant Post Holdings today, in a deal worth £1.4bn.

Post Holdings, which makes Cocoa Pebbles and Golden Crisp, was widely rumoured to be leading pack to buy Weetabix last month (March), and reports say it is expected to confirm the deal when the US markets open today (18 April).

Weetabix has been put up for sale by Chinese firm Bright Foods five years after it took a minority stake in the firm for £1.2bn.

Weetabix has had a tough time of late, and in its latest accounts the firm showed sales were down 2% tp £346.4m, while profits dropped 13% to £94.3m.