China’s commerce ministry says Nestle’s bid for Hsu Fu Chi under review

Swiss food giant Nestle’s bid for control over Chinese candy maker Hsu Fu Chi was under review, China’s Ministry of Commerce (MOC) said Friday.

The ministry’s anti-monopoly bureau will evaluate the application, Yao Jian, spokesman of the MOC, said at a press conference.

Nestle had offered to buy a 60-percent stake in Hsu Fu Chi International for about 2.1 billion Singapore dollars (1.7 billion U.S. dollars), the two companies said earlier this week.

If completed, the transaction will be one of the largest acquisitions of a Chinese firm by a foreign company.

Source: Xinhua

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