The US Federal Trade Commission has approved Swiss food giant Nestlé's takeover of US ice cream firm Dreyer's Grand Ice Cream.

Under terms of the deal, which took over a year to gain FTC approval, Nestlé agreed to dispose of the Dreamery, Godiva and Whole Fruit sorbet brands and some distribution assets.

Despite the disposals, the takeover will position Nestlé equal first in the US$30bn global ice cream market together with Anglo-Dutch group Unilever.

Nestlé said the transaction marked the end of its acquisitions in the ice cream sector. The company said its would now focus on boosting growth and margins at its new business, reported Reuters.