Bright Food, China’s second largest food company, is set to acquire the remaining 40 per cent stake in Weetabix, having bought a 60 per cent shareholding in 2012 in a deal worth £1.2bn.
Sky News reported that the deal is worth hundreds of millions of pounds and will see Bright Food control brands including Alpen, Ready Brek and Weetos.
The remaining shares are predominantly held by Lion Capital. The two agreed after the original deal to put a hold on options to transfer of the rest of the shares for two years.
That period is set to end next month.
Earlier this year, Lion and Bright Food looked into a £2bn bid for United Biscuits before abandoning plans.