Blog: Nestle receives green light on Pfizer deal

Michelle Russell | 6 November 2012

Swiss food group Nestle today (6 November) received approval from the Chinese Ministry of Commerce for its US$11.85bn deal to acquire Pfizer's infant nutrition business.

The approval brings Nestle another step closer to completing the acquisition, which was announced in April this year, enabling the world's largest infant nutrition group to extend its lead in this fast-growing category.

Pfizer Nutrition operates in more than 60 countries globally and 85% of sales are generated in emerging markets, meaning the acquisition effectively fills in the blanks on the map for Nestle. It will provide the company with increased scale in a high-growth, high-margin, category in fast-growing developing markets, CEO Paul Bulcke told investors as it emerged as victor of competitive auction process.

Nestle beat companies including Danone and Mead Johnson to seal the agreement. The next hurdle, however, is to receive approval from anti-trust bodies in several countries in order to fully complete the acquisition.


BLOG

Serious Fraud Office launches Tesco probe

The UK's Serious Fraud Office has launched an investigation into the GBP263m (US$424.6m) black hole in Tesco's accounts, the retailer confirmed today (29 October)....

BLOG

US food industry takes aim at new nutrition app

A mobile app that claims to be the "most comprehensive food-rating database available" to US consumers has raised the hackles of the country's food manufacturers....

BLOG

Auchan strikes another purchasing deal with retail rival

Just weeks after announcing a purchasing tie-up in France with local rival Systeme U, Auchan has outlined an international agreement with Germany's Metro Group....

BLOG

Tesco profits plunge, chairman departs

Tesco has reported a massive 92% drop in first half profits as the accounting fiasco continues to widen....

just-food homepage



Forgot your password?