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Bright Food, China's
second-largest food conglomerate, said on Tuesday it had agreed
to buy a majority stake in Italian olive oil group Salov, which
owns the Sagra and Filippo Berio brands.

In a statement, the Chinese group said it bought the stake
from the Fontana family, who will retain a minority stake in it.
They did not reveal the details of the deal.

Salov, which produces olive oil, seed oil and related
products in over 60 countries, generates annual sales worth 330
million euros ($417 million US dollar). It is market leader in
Britain and the United States with its two brands.

"This investment in Italy responds to Bright Food's plan to
direct Chinese people's habits towards a healthy nutrition
lifestyle, such as the Mediterranean diet," the Chinese group
said in a statement, adding it will support Salov in its
international expansion.

The olive oil group will keep its production in Italy.

The financial advisors of the transaction were ING and
Sinaxia for the buyer, Citic Securities and Mediobanca for the
Fontana family.
(1 US dollar = 0.7919 euros)

(Reporting by Francesca Landini and Stefano Rebaudo; Editing by
Greg Mahlich)