logo
Share SHARE
FONT-SIZE Plus   Neg

Reports: Pfizer Likely To Pick Buyer For Infant-nutrition Unit Next Week

Pharmaceutical giant Pfizer Inc. (PFE) is close to a deal to sell its infant-nutrition unit and an announcement could be made as early as next week, reports said Tuesday.

Switzerland-based Nestle SA (NSTR.L, NSRGY.PK) is said to be likely to win the bid for the unit that makes baby formula and maternal supplements, according to a report in the Wall Street Journal which said the deal price was at least $9 billion.

Pfizer had received bids from Nestle and France's Danone SA (DANOY.PK), each worth about $10 billion, Bloomberg said. Danone made a joint bid with Mead Johnson Nutrition Co. (MJN) and a third bidder is no longer in the running.

The report added that Danone said it is not likely to win the bid. Pfizer is said to be keeping Danone in the bidding process.

It was reported in February that Nestle and Danone were trying to overcome antitrust problems in the deal.

Meanwhile, Pfizer is said to be planning an initial public offering for its animal health unit. The drugmaker has hired JPMorgan Chase & Co., Bank of America Corp. and Morgan Stanley to aid in the transaction.

PFE closed Tuesday's regular trade at $22.31, up $0.33, on 29.1 million shares.

Nestle closed up by 1.33 percent at 56.75 Swiss francs on a volume of 6 million shares.

Danone settled in Paris higher by 2.90 percent at 53.08 euros on 3.36 million shares.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Teens and young adults now find Instagram and Snapchat more attractive than Facebook, a new study by eMarketer revealed. The report also suggested that for the first time, Snapchat might overtake Facebook in the U.S. by gaining a marketshare of 40.8 percent in social network. A new survey has shown that a majority of parents as well as teens agree that texting or use of cell phones are the biggest distraction to teen drivers. The survey also found that risky driving behavior seems to run in the family. The 2017 Family Safe Driving Report was released by EverQuote Inc., a venture-backed online insurance marketplace. Less than two months after its debut on the New York Stock Exchange, embattled meal-kit delivery company Blue Apron Holdings Inc. has been hit with multiple shareholder lawsuits for its "misleading" and "untrue" statements in its IPO prospectus. The various lawsuits mirror each other in their allegations against Blue Apron, its CEO, CFO, directors and the underwriters of its IPO.
comments powered by Disqus
Follow RTT