Mead Johnson and Danone have teamed up to bid for Pfizer’s $10 billion infant nutrition business, pitting them in a two-horse race against Nestle in the next auction round due March 5. Mead and Danone have secured Pfizer’s permission to bid together after weighting up a joint approach for several weeks in a move to boost their firepower and allow them to overcome antitrust concerns, sources familiar with the situation said. As the auction becomes a straight fight between Nestle and a Mead-Danone combination, banking sources and analysts tipped the Swiss giant as it has greater financial resources and would be easier for Pfizer to deal with.
