UK cereal firm Weetabix is to be bought by US firm Post Holdings for $1.8bn, its owner has confirmed. Weetabix - made in the UK since 1932 - was put up for sale in January by China's Bright Food, which bought a 60% stake in 2012. Bright's acquisition was the largest by a Chinese firm at the time, but it is believed to have struggled to build significant market share in China. Chinese consumers prefer a hot, rice-based breakfast to cold cereal. While Weetabix doubled sales in China in 2016, the UK still accounts for the majority of its sales.