The boots fell this morning on rumours of a takeover by Mondelēz China that had been circulating in the industry. In a communication, Mondelēz China confirmed a significant additional equity investment in baked goods maker EnXiCun to further expand its business in China.

The two companies already have a capital tie-up to develop, produce and market frozen bakery products in the mainland market under the Oreo and Philadelphia brands. Mondelēz said today that the partnership has resulted in "rapid growth" for Envision.

Today's latest investment means that Mondelēz will significantly increase its investment in the frozen bakery category, reinforcing its leadership position in the segment and hoping to increase its market share. Mondelēz estimates that the category is now estimated to be $3 billion in China, growing at a compound annual growth rate of about 15 per cent.

Mondelēz said the move is aimed at strengthening its leadership position in the baked goods category and further meeting the demand for fresh, high-quality baked goods among young consumers in China's high-line market.

According to a letter sent to employees this morning by Joost Vlaanderen, president of Mondelēz International Greater China, the investment is the first "significant equity investment" in Mondelēz's 40-year history in China, according to Foodinc.

The investment and transaction is said to be subject to a number of customary closing conditions, including government regulatory approvals.

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