The Ministry Of Commerce Responded To Nestle'S Acquisition Of Hsu Fu Chi: It Is Reviewing The Application Materials.

July 15th Ministry of Commerce The 15 day held a regular press conference to introduce the operation of our business. Nestle announced earlier that it intends to buy 60% shares of Xu Fu Ji for 1 billion 700 million dollars. For this transaction, Yao Jian, spokesman of the Ministry of Commerce, said that the Ministry of Commerce has received the application materials and has been handed over to the antimonopoly Bureau of the Ministry of Commerce, and is examining the integrity of the materials in accordance with the relevant provisions.

As report goes, Nestle And Xu Fu Ji jointly announced that Nestle and Xu Fu Ji The founding family signed a cooperation agreement to buy a 60% stake in Hsu Fu Ji for $1 billion 700 million, but the deal remains to be approved.

It is learnt that, according to the relevant provisions of China's anti-monopoly law, if the enterprises involved in the concentration of business have over 10 billion turnover in the previous year, and at least two of them will have more than 400 million yuan in China in the previous year, they should have passed the investigation of antitrust. In response, Yao Jian said: "according to our data, Nestle and Xu Fu Ji achieve this standard."

For the current progress, Yao Jian said that the Ministry of Commerce has received the declaration of Nestle's acquisition of Xu Fu Ji material, which has been handed over to the Anti Monopoly Bureau of the Ministry of Commerce. Yao said, "our antitrust bureau is reviewing the integrity of the declared materials in accordance with the relevant regulations. After that, we will have the next procedure, including filing procedures."