French dairy and bottled water company Danone SA (BN.FR) and Swiss food company Nestle SA (NESN.VX) have submitted preliminary bids of about $10 billion for Pfizer Inc.'s (PFE) infant nutrition unit, Bloomberg News reported Friday on its website, citing two people familiar with the matter.
The two potential suitors are working to overcome antitrust issues, the sources said. Nestle is considering conducting a post-purchase auction of some assets to satisfy concerns of market domination, one person told Bloomberg. For its part, Danone is considering a joint bid for the unit with Mead Johnson Nutrition Co. (MJN) and may split the business according to geography or brands.
Danone and Nestle may present their plans to Pfizer in the coming weeks.
Pfizer spokeswoman Joan Campion told Bloomberg the company has not made a decision on the nutrition business, and is in the process of exploring options for the unit.
Spokesmen for Danone and Nestle declined comment to Bloomberg.
Full story at: www.bloomberg.com/news/2012-02-17/danone-said-to-vie-with-nestle-on-antitrust-plan-for-pfizer-nutrition-unit.html
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