Dole Food Company has received the Chinese government’s approval to sell its global packaged food business and Asian fresh produce business to Japan’s Itochu Corporation.
The US$1.7bn sale was announced in September 2012, with China the last of seven required countries to sign off on the terms of the deal.
The delay related to Chinese antitrust concerns.
“The Ministry of Commerce of the People’s Republic of China officially approved our antitrust filing, with no conditions or requirements, in a decision dated January 21, 2013,” Dole’s executive vice president and general counsel C Michael Carter said.
“We are grateful to the case team of China’s Anti-monopoly bureau for their professionalism and commitment to the timely review of our transaction with Itochu.’’
The deal is expected to be finalised within the next 30 days, with Carter to act as the president and chief operating officer of the new sans-Asia Dole company following the sale to Itochu.
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