Hsu Fu Chi Foods Acquisition by Nestle Approved

(Beijing) – Hsu Fu Chi Foods, one of China's largest food companies, announced that the Ministry of Commerce approved the sale of a 60 percent stake in the company to Nestle Global for US$ 1.7 billion.

According to the statement, Hsu Fu Chi will be delisted from the Singapore Stock Exchange.

Upon the completion of the acquisition, Nestle will become the second-largest candy maker in terms of sales volume in China, following Mars Candies Manufacturer in the U.S., according to the data of research institute Euromonitor.