. Energy News .

Chinese sweetmaker Hsu Fu Chi and Nestle confirm talks
by Staff Writers
Zurich (AFP) July 4, 2011

Chinese sweetmaker Hsu Fu Chi and Swiss food giant Nestle said on Monday that they were in acquisition talks, in what could be one of the biggest takeovers of a Chinese company by a foreign competitor.

Hsu Fu Chi, 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."

At the end of the trading day in Singapore, the Chinese firm, which has a market capitalisation of about $2.6 billion (1.8 billion euros), issued a statement to confirm negotiations with Nestle.

"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.

Nestle later also issued a statement to say that "it is engaged in preliminary confidential discussions with Hsu Fu Chi" but would not divulge any details.

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

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.

For the year ending June 30, 2010, profits were at 602.2 million yuan and revenues at 2.0 billion yuan.

Bank Vontobel analysts said the takeover "would make sense," pointing out that Nestle had said that it wants to increase emerging markets to make up 45 percent of its sales by 2020.

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

Related Links
Farming Today - Suppliers and Technology

Get Our Free Newsletters Via Email
Buy Advertising Editorial Enquiries

. Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Wind of change: Aussie 'farting camels' cull under attack
Paris (AFP) July 4, 2011
The world's association of camel scientists fought back angrily on Monday over Australian plans to kill wild dromedaries on the grounds that their flatulence adds to global warming. The idea is "false and stupid... a scientific aberration", the International Society of Camelid Research and Development (ISOCARD) charged, saying camels were being made culprits for a man-made problem. "We b ... read more

Pioneering ERS environment satellite retires

DLR scientists support expedition with a highly accurate 3D model of mountain

La Nina's Exit Leaves Climate Forecasts in Limbo

NASA satellite gets 2 tropical cyclones in 1 shot

Astrium awarded Galileo Full Operational Capability Ground Control Segment Contract

House Committee Acts to Halt LightSquared Proposal Until GPS Interference Issues Resolved

US Supreme Court to hear warrantless GPS case

Study Shows Interference with GPS Poses Major Threat to U.S. Economy

Using DNA in fight against illegal logging

Brazil revokes Amazon logging permits after deaths

Tropical Birds Return to Harvested Rainforest Areas in Brazil

Analyzing Agroforestry Management

Biofuels from the sea

Salt-loving microbe provides new enzymes for the production of next-gen biofuels

Wales wood pellet biomass effort advances

Insight into plant behavior could aid quest for efficient biofuels

Solis Partners Completes Rooftop Commercial Solar Installation in Bridgewater

High-Efficiency IDS Solar Inverter Technology Unveiled in North America

Race is on to site largest U.S. solar farm

Spanish Government Selects SolarReserve's Solar Thermal Project

Wind power numbers down in Britain

Wind farm inquiry balanced and reasonable

Power-One Inverters Chosen to Power WindTronics

Sheringham Shoal signs up For WindManager wind farm management system

China hit by two mining accidents

GTL Energy And Solid Energy Sign Licence Agreement For Coal Upgrading Technology

Providing Emergency Wireless Communication System to Mines

21 dead in China mine floods: state media

Amnesty slams China over Xinjiang, two years after riots

Radiohead tests China's tightly controlled web

China's frustrated migrant workers rise up

Hong Kong journalists say freedom under threat

Memory Foam Mattress Review
Newsletters :: SpaceDaily Express :: SpaceWar Express :: TerraDaily Express :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

The content herein, unless otherwise known to be public domain, are Copyright 1995-2011 - Space Media Network. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement