SWITZERLAND: Nestle quiet on assets sale speculation
- Food giant reportedly eyeing US$1bn of sales to satisfy regulators
- Spokesperson says regulatory processes are "ongoing" over Pfizer nutrition deal
Nestle is looking to sell the assets to appease competition authorities in several Latin American countries
Nestle is looking to sell the assets to appease competition authorities in several Latin American countries, including Mexico, which have rejected the Swiss food giant's takeover of Pfizer nutrition operations in their territories, a report by Bloomberg said today (9 January). It cited three people "with knowledge of the matter".
When contacted by just-food, Nestle declined to comment on the report. A company spokesperson also declined to comment on whether Nestle has launched appeals against the antitrust decisions in Latin America, as it is entitled to do.
However, the spokesperson did refer to the matter as "ongoing regulatory processes", suggesting appeals have been lodged.
In December, the group said: "The regulatory approval process is still underway in Kenya, South Africa and five Latin American countries. We continue to review our strategic options in those countries."
At the same time, Nestle claimed it had completed the $11.85bn Pfizer nutrition acquisition, having satisfied the terms of the deal despite failing to gain regulatory clearance in all markets. An integration of Pfizer nutrition, and its 4,500 employees, is underway.
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