Market News
15Dec2006 |
Nestlé to Buy Novartis Food UnitThe world's biggest food and drink company, Nestlé SA has reached a US$2.5 billion deal to buy the medical nutrition unit of Swiss pharmaceutical giant Novartis. The deal does not include, however, Novartis' infant nutrition division, Gerber Products. Nestlé says the acquisition is in line with its focus on becoming a nutrition, health and wellness company and follows its recent US$600 million purchase of U.S. food company Jenny Craig. The deal, which is still subject to regulatory approval, is expected to wrap up in the second half of 2007. Source: Canadian Grocer E-Newsletter, December 15, 2006. 
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