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.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
