RENEE MONTAGNE, HOST: NPR's business news starts with an acquisition for Nestle.</s>RENEE MONTAGNE, HOST: Swiss food company Nestle announced today that it buy the infant nutrition business from the pharmaceutical company Pfizer. The move is likely aimed at boosting Nestle's presence in China. Nestle is paying just under $12 billion. It estimates 85 percent of this year's sales for that Pfizer unit will come from emerging markets. Before announcing this purchase, Nestle already had the largest share of the global baby-formula market at just under 20 percent.
Swiss food and drink giant Nestle announced a deal Monday to acquire Pfizer Inc.'s infant-nutrition business for $11.85 billion in a bid to boost sales in emerging markets. Before the announcement, Nestle already had the largest share of the global baby-formula market at just under 20 percent.