Nestle's bid for Hsu Fu Chi under review: MOC
Updated: 2011-07-16 15:44
BEIJING - 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 $1.7 billion, 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.