Pfizer "nearing" baby food sale

Pfizer "nearing" baby food sale

Pfizer is reportedly nearing an agreement to sell its infant nutrition business, with both Nestle and Danone linked to the deal. 

The US pharmaceutical company has previously confirmed to just-food that it is "considering strategic options" for the business, including a "sale, spin-off or other transaction". 

According to a report in the Wall Street Journal, Pfizer has stuck an agreement to sell the unit to Nestle for US$9bn. Meanwhile, other reports have suggested that Nestle and Danone have both submitted competing bids, valuing the business at around $10bn. 

Pfizer is expected to announce a sale of the unit next week.