US giant bags Weetabix for £1.4 billion on weaker sterling

US cereals giant Post Holdings on Tuesday became the latest international firm to take advantage of the weaker pound with a £1.4 billion deal to buy UK breakfast favourite Weetabix.

Missouri-headquartered Post, whose brands include Raisin Bran, said it has bought 85-year-old manufacturer Weetabix from China’s Bright Food Group and Baring Private Equity Asia.

Post boss Rob Vitale said combining the companies would bring “much-loved brands to significantly more customers globally”.

However, the focus is to keep Weetabix performing strongly in the UK, where it employs 1000 people.

Vitale added £20 million in annual cost savings his firm would seek from the purchase would come from factors such as shared administration services, rather than redundancies.