Breaking News
FONT-SIZE Plus   Neg
Share SHARE

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

Pharmaceutical giant Pfizer Inc. (PFE: Quote) 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: Quote) 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.

Register
To receive FREE breaking news email alerts for Pfizer Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Stocks saw some volatility following the release of the Federal Reserve's monetary policy announcement on Wednesday but managed to end the day modestly higher. With the upward move, the Dow reached a new record closing high. President Barack Obama sought to emphasize in remarks on Wednesday that the American forces being deployed as part of the fight against the terrorist group ISIS will not have a combat mission. Republican Joni Ernst has moved into the lead in the potentially crucial Iowa Senate race, according to the results of a Quinnipiac University poll released on Wednesday. The poll found that 50 percent of likely Iowa voters would support Ernst if the election were held today, while 44 percent would vote for Democratic Rep. Bruce Braley.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.