* Nestle buying Pfizer infant nutrition unit for $11.85 bln
* CEO says integration to be completed in about a month
* Says always open to acquisition opportunities
LAUSANNE, Nov 2 Nestle SA's $11.9
billion purchase of Pfizer Inc's baby food business has
won approval in China, taking the Swiss group a step towards
sealing a deal which still rests on months of bargaining with
Asked whether Chinese regulators had cleared the
transaction, Chief Executive Paul Bulcke said: "It was just this
Nestle is acquiring Pfizer's infant nutrition unit to
combine it with its existing infant formula business.
Bulcke, speaking on the sidelines of the inauguration of the
Nestle Institute of Health Sciences, said the Pfizer integration
was on track and could be completed in about a month.
Nestle declined comment on whether the deal had been
approved in other countries or regions.
Analysts have said the company may have to sell up to 30
percent of the Pfizer businesses, including those in Latin
America, the Middle East and Asia, as part of an approval
process which may take up to 12 months.
"We are pleased that Nestle's acquisition of Pfizer
Nutrition has been approved in China," the company said. "The
acquisition is still subject to other closing conditions. We
therefore do not make any further comment at this stage.
Bulcke also signalled Nestle could look at further deals.
"You have to look at how many opportunities are out there
... We're happy with what may come and we'll embrace that. We're
always open to opportunities," he said.
Asked if Nestle could do more deals of the size of the
Pfizer unit purchase, Bulcke said: "That's a big acquisition ...
we don't do that every day."