The chairman of Nestle has reportedly insisted the Kit Kat maker is not interested in buying any chocolate companies as he rejected the possibly the Swiss food giant could buy Lindt & Sprungli.

On the sidelines of Nestle’s AGM yesterday (11 April), Peter Brabeck-Letmathe rejected the suggestion the firm might look to buy Lindt, according to Swiss press reports. A spokesperson for Nestle declined to comment on Brabeck-Letmathe’s comments or on Nestle’s M&A priorities.

For some years, analysts have said Lindt could be a takeover target for Nestle, Last month, Lindt booked an increase in profit for 2012, boosted by higher sales and margin gains.

At Nestle’s AGM yesterday, Brabeck-Letmathe said Switzerland was becoming “more difficult” as a business location after voters last month approved some of the world’s toughest limits on executives’ pay.

According to Bloomberg, the new measure will give shareholders an annual ballot on managers’ pay, eliminate sign-on bonuses, severance packages and extra incentives for completing merger transactions.

“It is now crucial to respect the Swiss voting population’s decision and to find practical legislative solutions which safeguard the long-term attractiveness of Switzerland as a business location,” Brabeck-Letmathe reportedly said in his speech.

According to the publication, the chairman said Nestle wants to stay in Switzerland but said the country’s long-term stability is “constantly being challenged”.