The deal of Beijing Sanyuan Food Co. Ltd and Chinese conglomerate Fosun Group buying French margarine maker St Hubert for 625 million euros was recently approved by the state authorities of both sides, according to Sanyuan’s company statement.
The statement says that the deal has passed review by France’s competition management bureau and the anti-trust bureau of China’s Ministry of Commerce and other regulators. The deal is expected to be closed this month.
In earlier statements, Sanyuan and Fosun said they had signed an agreement with European private equity firm Montagu to acquire Brassica TopCo S.A. and PPN Management SAS, which are controlling shareholders of St Hubert.
The St Hubert deal comes even as Beijing scrutinizes overseas acquisitions, which include everything from soccer clubs and hotels to mining firms and chemical makers, to rein in offshore spending by huge Chinese firms.(Source: Yangtze Business News)