Swiss food giant Nestle said on Monday it will sell a 10-year license to operate the Mexican baby food unit of Pfizer Inc, which it acquired under a deal to purchase the U.S. pharmaceutical company's global baby food operations, and Mexico's competition watchdog said it approved the move.The federal competition commission, Cofeco, said Nestle must also transfer assets including a food processing plant to the third-party buyer to limit Nestle's share of the Mexican baby food market.Under the terms of the agreement, Nestle will not be able to operate Pfizer's Mexican brands for a total of 20 years, giving the third party time to establish itself, Nestle said in a statement. Representatives of Nestle did not respond immediately to requests for clarification.Without specifying a precise timeframe, Cofeco said the license sale would be made soon, subject to its approval.
Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. Shares of PFE fell by 0.72% or $-0.22/share to $30.45. In the past year, the shares have traded as low as $21.40 and as high as $30.88. On average, 32604700 shares of PFE exchange hands on a given day and today's volume is recorded at 39812212.
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