Beijing, Dec 8 (ANI): Chinese regulators have approved Nestle's 1.7 billion dollar acquisition of a 60 percent stake in the Singapore listed confectioner Hsu Fu Chi International.
According to analysts, the approval by China's Ministry of Commerce, is further evidence that China could be opening up to foreign buyers.
According to the BBC, the Nestle deal is one of the biggest by a foreign company in China.
Dongguan-based Hsu Fu Chi makes sugar sweets, snacks and cakes. Under the agreement Nestle will pay 4.35 Singapore dollars per share, an 8.7 percent premium on the July 1 closing price.
Nestle already has a major presence in China. Earlier this year, it acquired a 60 percent stake in food maker Yinlu Food Group. (ANI)
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