LONDON: Reckitt Benckiser Group Plc agreed to buy Mead Johnson Nutrition Co for US$16.6bil, taking the UK consumer-products maker into the baby-formula market for the first time as it seeks to boost slowing sales growth.
The maker of Lysol cleaners will pay US$90 a share in cash, it said, the same price it indicated when it announced it was holding advanced negotiations on the deal on Feb 1. The deal will result in £200mil (US$250mil) of cost savings after three years and add to earnings, the company said.
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