Nestle SA (NESN) and Danone SA (BN) made first- round bids for Pfizer Inc. (PFE)’s baby-formula unit, putting two of Europe’s largest food companies in competition for the division, people with knowledge of the matter said. A tax-free spinoff is still an option for the company, said the people, who declined to be identified as the process is private. Pfizer had delayed sending out sale documents to examine whether that move would be better for investors, people with knowledge of the plans said in September.
