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Reuters: Danone bids $11 billion for Pfizer baby formula business

Citing French website WanSquare, it says Danone may snatch biz from Nestle's grasp
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Danone ($DANO.PA), known in the U.S. mostly for its yogurt products, is prepared to put up some serious cash to outbid Nestlé ($NESN.VX) in the heated auction for Pfizer's ($PFE) baby formula business. Citing the French business news website WanSquare, Reuters reports that the French company has overbid the Swiss company by $1 billion, with an $11 billion offer. It is partnered with Mead Johnson ($MJN.N) in the effort. The news service points out that Nestlé looked to be on the verge of putting a lid on the deal this week with its $10 billion offer. The business is a popular one because about 70% of its $2.1 billion sales come from China, a place where sales of baby formula are expected to continue to grow with the population. Pfizer on the other hand, wants extra cash to plow into other endeavors. Story | More