Nestle agrees to buy 60 percent of Chinese food firm

Nestle, the world's biggest food company, agreed to take a 60 percent stake in China's Yinlu Foods Group for an undisclosed price, Nestle said in a statement on Monday. Family-owned Yinlu had sales of about 750 million Swiss francs ($839.6 million) in 2010 and markets ready-to-drink peanut milk and ready-to-eat canned rice porridge.
Nestle, which said the deal was subject to regulatory approval in China, is looking to boost its presence in this fast-growing market, where it has been present for more than 20 years and employs 14,000 people.