20 June 2008 - The Hungarian Competition Office (GVH) yesterday approved the sale of popular chocolate brand Balaton by Kraft Foods to Nestle.
The GVH said that further to the acquisition, Nestle's share of the Hungarian confectionery market would not go over 20%.
No financial data on the deal were disclosed.
The divestment of Balaton by Kraft Foods was one of the conditions set by the EU competition authorities for the US firm to buy the biscuits and cereal snack unit of France's Danone back in November last year, according to reports on FLEXNEWS.
Nestle Hungaria Kft. runs 4 plants and employs over 1,300 people. Its net sales volume increased by 8.1% year-on-year and reached 83 billion forints (330.5 million euro) in 2007.
