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Nestle to buy Pfizer's infant nutrition business for $11.8B
GENEVA (KABC) -- Nestle has announced a deal to acquire Pfizer's infant nutrition business for $11.8 billion.The Switzerland-based company says the deal would "enhance its position in global infant nutrition."
Nestle CEO Paul Bulcke called the deal to buy the Pfizer Nutrition unit an excellent strategy. Nestle said in a statement Monday that estimated sales from the acquired business will be (Canadian) $2.4 billion in 2012. It said 85 percent of those sales are in emerging markets, many of which have large, fast-growing populations.
In America, Nestle also sells products under the Gerber brand. Nestle is one of the largest sellers of infant formula and could face some anti-trust hurdles before completing the deal.
The Associated Press contributed to this report.
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