SWITZERLAND: Nestlé completes Novartis purchase
Swiss food giant Nestlé has completed its acquisition of Novartis Medical Nutrition on 1 July, following the successful conclusion of regulatory procedures.
The regulatory process included settling concerns expressed by the European Commission regarding activities in France and Spain. Nestlé said it had made remedy commitments for these countries, which are minor in value in the overall context of the deal, which satisfied the Commission's concerns. It added that these commitments would not impact on its ability to deliver on its acquisition objectives.
The company said that the integration of Novartis Medical Nutrition into its Nestlé Nutrition arm will begin today (2 July). It will see 2,000 employees from Novartis Medical Nutrition join the group.
"Novartis Medical Nutrition is complementary to Nestlé's Healthcare Nutrition business, and the combination of the two in over 40 countries increases Nestlé's capabilities to satisfy the needs of consumers with special nutritional requirements," Nestlé said.
The acquisition makes Nestlé the number two company worldwide in the expanding healthcare nutrition market.
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