Nestlé set to buy Pfizer’s infant focus

Nestlé, the world’s biggest food group, is closing in on a deal to buy Pfizer’s infant nutrition business for up to $10bn (€7.6bn) to boost its business in China and extend its lead in the world of formula milk for babies, sources familiar with the matter said yesterday.

The Swiss group had already been seen as favourite for the business which includes a nutritionals plant, in Askeaton, Co Limerick, and is set to seal a deal later this month after outbidding a joint team of Danone and Mead Johnson in a two-horse race.

“Nestlé is in the lead position and is closing in on a deal which we expect soon,” said one source.