US: Pfizer "nearing" sale of infant-nutrition business
Pfizer "nearing" baby food sale
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.
Last week brought further evidence of the difficulties facing food manufacturers as they look to grow their businesses in the developed markets of the US and Europe....
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