Nestlé, the world’s largest foods company, made a $1.7 billion bid Monday for a controlling stake in Hsu Fu Chi International, one of China’s largest confectioners.
The deal for a 60 percent stake in Hsu Fu Chi marks an attempt by Nestlé to expand into emerging markets and tap the growth potential of the world’s most populous nation, Bloomberg reports. The cash offer by Vevey, Switzerland-based Nestlé allows the founding Hsu Fu Chi family to retain a 40 percent stake in the company that bears its name. The deal is one of the largest ever by a foreign company in China, according to The New York Times.
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