NESTLE BID CLEARS ANTITRUST
08 Dec, 2011
An offer from Swiss confectionary maker Nestle, to Singapore-listed sweets producer Hsu Fu Chi International, has been approved by Chinese anti-trust regulators.
The $1.7bn (£1.1bn) bid for 60 per cent of the company is one of the largest by an overseas buyer, and the approval is seen by some experts as an indication that China is becoming more open to foreign investment.
Hsu Fu Chi, which makes sugar sweets, snacks and cakes, is now set, under terms of the agreement, to receive 4.35 Singapore dollars per share from Nestle.
This is the latest in Chinese investments for Nestle, which took over a 60 per cent stake in Chinese food manufacturer, Yinlu Food Group earlier in the year.