Nestle's ( NSRGY) bid for Chinese confectioner and snacks maker Hsu Fu Chi International was under review, according to July 15 reports. Nestle offered $1.7 billion for the company in an effort to expand in emerging Asian markets, and better compete with rival multinational companies like Danone ( DANOY) and Unilever ( UL). If completed, the deal would represent one of the largest takeovers of a Chinese company by a foreign one. The Chinese Commerce Ministry's anti-monopoly bureau was evaluating the bid, according to state-run news agency Xinhua. Earlier this year Nestle acquired a 60% stake in China's Yinlu Foods Group for an undisclosed amount. The acquisition boosted its dairy business in the region.