A Chinese food giant buys an Italian olive oil maker

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Israeli news reports say that Shanghai-based Bright Food has sought a lower price for the stake it is buying from Apax Partners. Bright Food spokesman Pan Jianjun said Tuesday the price remains the same at the moment.

Apax and investment partner Mivtach Shamir Holdings Ltd., an Israel-based investment company, purchased a 77% stake in Tnuva for more than $1 billion in 2008, according to Apax.

Bright Food isn’t alone in acquiring foreign assets as a way of appealing to the increasingly urbanized Chinese consumer. In China, many Western brands are perceived as having better quality or possessing advanced technological know-how. Last year, Shuanghui International, since called WH Group, 0288.HK -0.32% acquired U.S. pork processor Smithfield Foods Inc. in a $4.7 billion transaction.

Bright Food has long said it wants to diversify its businesses, which apart from dairy, include producing and selling spirits, sugar, and the chewy White Rabbit candy, a household name in China. The firm has 3,300 retail stores across China.

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