Nestle SA Reportedly Eyeing Wyeth (WYE)'s Formula Milk Powder Business
8/8/2011 7:15:43 AM
August 8, Swiss food giant Nestle SA is reportedly planning to buy the formula milk powder unit of Wyeth LLC, a subsidiary of drug maker Pfizer Inc. Xi Qing, director of public relations at Pfizer China, told the National Business Daily that the company was planning to spin off is animal health and nutrition divisions to focus more on its bio-pharmaceutical business. Wyeth’s formula milk power unit is a major component of Pfizer’s nutrition business, Xi said. Xi said market rumors that Pfizer was planning to fully offload Wyeth were untrue, and that the world’s largest maker of drugs would retain Wyeth’s bio-pharmaceutical business.