ST. LOUIS (KMOX) – Locally-based Post Holdings, best known for its cereal brands, is acquiring a British breakfast favorite.
Post is adding a British breakfast standard to its stable. It will pay almost $2 billion to buy Weetabix from a Chinese cereal maker. Weetabix was never a big hit in china where Bright Foods has tried to interest people there in cold breakfast cereal, but Post has a big interest.
Post wants a bigger footprint in Britain, and since the drop in the pound that followed the British decision to leave the European Union, that deal became a lot more attractive.