China approves Nestlé’s bid for Hsu Fu Chi

Chinese antitrust regulators have approved Nestlé’s €1.29 billion offer for confectioner Hsu Fu Chi International.

Nestlé already has a major presence in China. Earlier this year, it acquired a 60% stake in food maker Yinlu Food Group and the Hsu Fu Chi deal is one of the biggest by a foreign company in China.

Swiss Nestlé made the offer for a 60% stake in Hsu Fu Chi in July. The approval is further evidence that China could be opening up to foreign buyers, according to analysts.