China's Bright Food Group Co Ltd has agreed to sell iconic British cereal brand Weetabix to U.S. cereal company Post Holdings (POST.N) for $1.76 billion (1.40 billion pounds), a spokesman for the Chinese conglomerate said yesterday.

The sale, if completed, would mark the end of Chinese ownership of the British cereal maker after Bright took control of the company from Lion Capital in 2012 amid a major overseas push stretching from Australia to Israel. Reuters reported in January that Post Holdings, the No.3 U.S. cereal company, was among four bidders vying for Weetabix, a business founded 85 years ago.The other bidders were Britain's Associated British Foods, Cereal Partners Worldwide and Italian pasta maker Barilla.