Nestle buys infant nutrition business

April 23, 2012 9:41:09 AM PDT
Nestle had agreed to pay close to 12 billion dollars for the Pfizer Incorporated's infant nutrition business.

The deal could help the Swiss food giant expand in emerging markets and solidify its top spot in the global baby-formula market according to the Wall Street Journal.

This is Nestlé's largest purchase since January 2001 when the company bought US pet food company Ralston Purina for about ten million dollars.