date:Apr 23, 2012
pfizer Inc. is expected to announce today it has reached a deal to sell its baby food business to Nestle SA for more than $10 billion, the Wall Street Journal reported.
The Swiss food giant beat rival Groupe Danone SAfor the Pfizer unit after a months-long auction.
A key driver of the deal for Nestle - the leading seller of milk formula for babies worldwide - is to get a bigger footprint in China, where it is outsold by Pfizer.
Nestle had a 17 percent share of the $27 billion global market i