April 23/Vevey, Switzerland/Reuters -- Swiss food group Nestle is to buy U.S. drugmaker Pfizer's infant nutrition business for $11.85 billion, beating out French rival Danone in the battle for dominance of baby food in fast-growing emerging markets.
Nestle, the maker of Gerber baby foods and Good Start infant formula, was already seen as likely to win the battle due to its deep pockets after it sold its stake in eyecare group Alcon to Novartis, and has refrained from announcing a new share buyback program.