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China approves Nestle purchase of candy maker

12-08-2011 11:18 BJT

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Hsu-Fu Chi, a Singapore-listed Chinese candy maker said today that China's Commerce Ministry has approved Nestle's plan to purchase a sixty percent stake in the company for 1.7 billion dollars.

The purchase is part of Nestle’s plan to bring sales from emerging markets to 45 percent of its total revenue within ten years. After Coca-Cola failed in its 2.4 billion dollar bid for Chinese juice producer China Huiyuan Juice Group, analysts have been speculating that China is seeking to protect local brands from foreign buyers but now they are saying the purchase by Nestle and the recent take over of Little Sheep by YUM Brands proves otherwise.


Editor:Zhang Rui |Source: CNTV.CN

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