US-based Dole Food has received clearance from the Chinese Ministry of Commerce to sell its worldwide packaged foods and Asia fresh produce business to Japanese trading house Itochu for $1.68bn in cash.
The two companies had signed an agreement over the deal in September 2012.
Dole executive vice president and general counsel Michael Carter said that the Ministry of Commerce of the People's Republic of China officially approved the antitrust filing, with no conditions or requirements.
"We have now received all seven required regulatory approvals, and Dole expects to complete the sale within the next 30 days," Carter added.
Dole's worldwide packaged foods business offers products such as fruit parfaits, canned pineapple juice, canned pineapple, healthy snack foods and frozen fruit, while its fresh produce business grows, sources, and ships fresh fruit and vegetables, primarily in Asia.
Meanwhile, Dole reported that for the fiscal year 2012, its revenues decreased 11% to $4.2bn, compared to $4.7bn in the previous year, mainly due to the divestitures of its fresh fruit subsidiaries in Germany and Spain.
Adjusted EBITDA decreased 26% to $146m, compared to $196m primarily due to lower pricing for bananas in North America as well as higher fruit costs in Europe, partially offset by lower shipping costs in Europe.