{"id":9515,"date":"2011-07-04T18:07:48","date_gmt":"2011-07-04T18:07:48","guid":{"rendered":""},"modified":"2011-07-04T18:07:48","modified_gmt":"2011-07-04T18:07:48","slug":"Chinese-sweetmaker-Hsu-Fu-Chi-and-Nestle-confirm-talks","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=9515","title":{"rendered":"Chinese sweetmaker Hsu Fu Chi and Nestle confirm talks"},"content":{"rendered":"

Chinese sweetmaker Hsu Fu Chi and Swiss food giant Nestle<\/strong> said today that they were in acquisition talks, in what could be one of the biggest takeovers of a Chinese company by a foreign competitor<\/strong>.<\/p>\n

Hsu Fu Chi<\/strong>, listed on the Singapore stock exchange, requested that trading of its stocks be suspended from Monday “to avoid abnormal fluctuation over the company’s shares price and maintain shareholders’ interests.”<\/p>\n

At the end of the trading day in Singapore, the Chinese firm, which has a market capitalization of about $2.6 billion (1.8 billion euros), issued a statement to confirm negotiations with Nestle.
\n<\/strong>
\n“The company wishes to inform shareholders of the company that it has engaged in preliminary confidential discussions with Nestle S.A. in relation to a possible transaction relating to the company, which may or may not lead to an offer being made for the shares of the company,” it said.<\/p>\n

Nestle later also issued a statement to say that “it is engaged in preliminary confidential discussions with Hsu Fu Chi”<\/strong> but would not divulge any details.<\/p>\n

The negotiations surrounding Nestle’s purchase of Hsu Fu Chi have been described as delicate<\/strong>, and a deal is not expected before weeks, according to the Wall Street Journal, which quoted an anonymous source.<\/p>\n

Hsu Fu Chi’s net profit for the quarter ending March 31 reached 206.6 million yuan (22.0 million euros, $32.0 million), with revenues at 1.5 billion yuan, according to its latest income statement.<\/p>\n

For the year ending June 30, 2010, profits were at 602.2 million yuan and revenues at 2.0 billion yuan.<\/p>\n

Bank Vontobel analysts said the takeover “would make sense,”<\/strong> pointing out that Nestle had said that it wants to increase emerging markets to make up 45 percent of its sales by 2020. <\/p>\n

In April, the Swiss food giant announced that it had acquired 60 percent of Chinese firm Yinlu Foods Group<\/strong>, which makes ready-to-drink peanut milk and ready-to-eat canned porridge.<\/p>\n

Source AFP<\/em>
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