Hershey to purchase Chinese candy maker

US cholocolate maker Hershey (HSY.NYSE) will seek a stronger hold in China’s rapidly growing market for sweets by buying out Shanghai Golden Monkey Food for US$498 million, The Wall Street Journal reported. Hershey said it plans to acquire all of the privately held Chinese company in two phases, and will assume estimated debt of US$86 million in addition to the US$498 million total cash payment. It will buy 80% of the Chinese company in an initial phase expected to close in mid-2014, and then acquire the remainder a year later, pending government approvals and other conditions.