Hershey's move to buy out its partner in Brazil, Pandurata Alimentos, from their venture in the country has been approved by local competition officials.
The move will give Hershey, which had held 51% of the business, the rest of the shares in the venture.
Go deeper with GlobalData
The two companies set up the venture in 2008. A spokesperson for Hershey said Pandurata told the Reese's maker at the end of 2014 it wanted to sell its 49% stake in the business "at an amount equal to its fair value". Financial details were not disclosed.
"Brazil is a key focus market for Hershey and acquiring the remaining interest in the JV gives us greater control to continue growing our brands there and reflects our commitment to this key market," the spokesperson added.
After North America, Hershey's largest market is China. The company classes Brazil as one of three "focus markets", alongside Mexico and India.
The company does not provide specific financial figures for the performance of its units in local markets.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataHowever, when Hershey reported its first-half results earlier this month, it did says volumes rose year-on-year in Brazil.
It added combined first-half sales from Brazil, Mexico and India were up 7% on a constant-currency basis on the opening six months of 2014, although second-quarter sales were flat year-on-year.
Spokespeople for Pandurata had not returned a request for comment at the time of publication.
