China clears Nestle $1.7bn bid for confectionery maker

Chinese antitrust regulators have approved Nestle's $1.7bn (£1.1bn) offer for sweets and snack maker Hsu Fu Chi International.

Swiss food company Nestle made the offer for a 60% stake in the Singapore-listed Hsu Fu Chi in July.

The approval comes a month after the ministry of commerce cleared Yum Brand's takeover of Little Sheep Group.

Analysts said the approval is further evidence that China could be opening up to foreign buyers.

In 2009, Coca-Cola's $2.4bn bid for China's Huiyuan Juice Group was rejected by the government because of concerns over competition.

"There had been a concern that if you were doing a transaction that involved a popular Chinese brand it would be difficult to get that through," said Frank Schonevald from McDermott, Will and Emery law firm in Shanghai.    More Read