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Written by Reuters | Zurich |
April 24, 2012 1:18:44 am
April 24, 2012 1:18:44 am
Nestle is set to buy US drugmaker Pfizers baby food business for $11.85 billion,beating French rival Danone in the battle for dominance of fast-growing emerging markets.
The worlds biggest food company had to dig deeper than expected into its ample pockets to win the high-stakes fight for Pfizer Nutrition,which makes 85 per cent of its sales in emerging markets and is Nestles biggest deal to date.
The price tag is high,however Nestle is securing a high growth/margin business with high exposure in the emerging markets. China will become the number 3 market for Nestle overall, said Vontobel analyst Jean-Philippe Bertschy.
Nestle said the deal would add to earnings per share from the first year,and would allow cost synergies of $160 million.
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