Danone Says Discipline Prevented Pfizer Inc. (PFE) Win
4/27/2012 7:53:02 AM
French food company Danone said it lost to Swiss rival Nestle in a battle for U.S. drugmaker Pfizer's baby food business because financial discipline prevailed over strategic interest. Chief Executive Franck Riboud said on Thursday that the French yoghurt and biscuit maker would now focus on internal growth while seeking "to win other matches on a country-by-country basis". Nestle said this week it would buy Pfizer's baby food business for $11.85 billion, beating out Danone in a struggle for dominance in fast-growing emerging markets.