GENEVA (AP) — Swiss food and drinks giant Nestle SA says it has received Chinese government approval to buy a majority stake in candy maker Hsu Fu Chi.
Nestle says it will proceed with its plan to buy 60 percent of Hsu Fu Chi in a deal valued at about $1.7 billion.
The Hsu family will retain the remaining 40 percent stake.
Nestle said Thursday that it expects Hsu Fu Chi to delist from the Singapore stock exchange by the end of the year.
The owner of brands such as Nescafe, KitKat and Dreyers has been ramping up its presence in China in the hope of capitalizing on increased consumer spending power there.