Nestlé is preparing to formally take control of the nutrition business of Pfizer by next year, after winning a hotly contested bidding battle with a cash offer of $11.85bn.
The Swiss food conglomerate beat rivals including Danone of France to win the auction, triggered by Pfizer’s decision to refocus on its core pharmaceuticals business.
The deal, a rare contested bid for Nestlé, reflects the group’s desire to expand notably in emerging markets and reinforce its infant nutrition products.
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