Bright Food Group Co, the Chinese owner of British cereal maker Weetabix, said it is seeking acquisitions and has the ability to pay as much as CNY10 billion for a target. Bright Food is open to buying domestic and overseas companies and it is not interested in deals that are “too small” and prefers to work on one acquisition at a time, Chairman Lu Yongjie said. The company is also preparing an initial public offering (IPO) for its Australian unit Manassen Foods, he said. The Shanghai-based company, which has interests that span food and beverages, farming and retailing, bought Israel’s Tnuva Food Industries last month. “Chinese food firms seek overseas deals to acquire product research capabilities and better resources,” said Todd Yang, Shenzhen-based Analyst at Guosen Securities Co. Bright Food, whose domestic brands include White Rabbit candy, has retail outlets across China and also operates tea, dairy and rice farms. It sells fresh milk, yogurt and baby formula in China.