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Nestle wins battle for Pfizer’s baby food unit

Nestle is set to buy US drugmaker Pfizer’s baby food business for $11.85 billion,beating French rival Danone in the battle for dominance of fast-growing emerging markets

Written by Reuters | Zurich |
April 24, 2012 1:18:44 am

Nestle is set to buy US drugmaker Pfizer’s baby food business for $11.85 billion,beating French rival Danone in the battle for dominance of fast-growing emerging markets.

The world’s 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 Nestle’s 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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