January 9, 2013 / 7:55 AM / in 5 years

Nestle teams up with Rothschild on LatAm asset sale-report

ZURICH, Jan 9 (Reuters) - Nestle is working with Rothschild to divest some Latin American assets valued at more than $1 billion as it seeks regulatory approval for its acquisition of Pfizer’s nutrition unit, Bloomberg reported, citing three people with knowledge of the matter.

The Vevey-based maker of Nescafe coffee, KitKat chocolate bars and Maggi soup is in the early stages of a process to sell the Latin American assets, the news agency said, citing one of the three people.

Nestle agreed to buy Pfizer’s baby food business for $11.85 billion last April, beating out French rival Danone in the battle for dominance of fast-growing emerging markets.

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 a regulatory approval process which may take up to 12 months.

Chinese authorities have already cleared the deal.

Nestle declined to provide an immediate comment. Rothschild was not immediately available for comment.

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