French food giant Danone has reportedly raised its offer for the infant nutrition business of US pharmaceutical group Pfizer.
The bid, according to news website WanSquare, is close to US$11bn in an attempt to outbid rival Nestle, the publication has said.
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Reports this week have suggested that Pfizer is nearing a deal to sell its infant nutrition unit for $9-10bn, with European food major Nestle also cited as a potential buyer.
Pfizer has insisted it will get maximum value for its shareholders out of any move to separate its infant nutrition business.
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