Chinese dairy company Bright Dairy & Food Co. said its parent is forming a new food-related venture with three other state-owned companies as part of an overhaul mandated by the government, the Wall Street Journal reported. The four companies forming the new venture, Bright Foods (Group) Co, are Bright Foods (Group) Co., Shanghai Nong Gong Shang (Group) Co., Shanghai Sugar, Cigarette & Wine (Group) Co. and Jin Jiang International (Group), Bright Dairy said in a statement. Analysts said the plan could make it difficult for Danone Asia Pte., a unit of France's Groupe Danone, to increase its stake in Bright Dairy. Danone, which holds 11.55% of Bright Dairy, aims to buy another 4.23% from Shanghai Milk Group. The State-owned Assets Supervision and Administration Commission has approved the acquisition, but it still requires the approval of the Ministry of Commerce, said the paper.