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Nestle to Buy 60% Stake in Chinese Candy Firm

7 years ago79 views

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Swiss food company Nestle has offered $1.7 billion U.S. dollars to buy 60 percent of Chinese candy maker Hsu Fu Chi. If the deal goes through it will be one of the biggest foreign acquisitions ever seen in China.

Nestle already has a small number of products on offer in China and is seeking to expand its presence in the market. The Swiss Franc is currently at a record high and this will make the deal cheaper for Nestle.

Under the proposed deal the Hsu family, who currently own 56 percent of the company, will retain 40 percent - forming a joint venture. After news of the deal went public, sales of Nestle products in China were up 15 percent, making it the company's fastest growing market.

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