Swiss food and beverage giant Nestlé says it has received Chinese government approval to buy a majority stake in confectioner Hsu Fu Chi.
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swissinfo.ch and agencies
Nestlé says it will proceed with its plan to buy 60 per cent of Hsu Fu Chi in a deal valued at about $1.7 billion (SFr1.58 billion). The Hsu family will retain the remaining 40 per cent stake.
Nestlésaid on Thursday it expected Hsu Fu Chi to delist from the Singapore stock exchange by the end of the year.
The owner of brands such as Nescafé, KitKat and Dreyers has been ramping up its presence in China in the hope of capitalising on increased consumer spending power there.
Hsu Fu Chi has four large factories and employs 16,000 people. Nestlé currently has 23 factories in China and 14,000 employees.
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