JAPAN: Snow Brand, Nestlé abandon joint venture talks
Beleaguered Japanese dairy company Snow Brand Milk Products revealed that it has abandoned talks with Swiss food giant Nestlé, when it announcement earlier today [Wednesday] that it is to tie up with Otsuka Pharmaceutical Co in October. Snow Brand was seeking an alliance with a major company for its baby food business, which is due to be spun off in the autumn. In March it signed a basic agreement with the Japanese arm of Nestlé, but under this latest deal, Otsuka will control a 20% stake in the new unit.
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