Nestle's in-house transactional lawyers deserve a break! In the space of two days, the Swiss company:
1) Sold its take in U.S. Alcon Inc. to fellow Swiss company Novartis AG for $28.1 billion, thus exiting the ophthalmology sector completely;
2) Purchased Kraft Food's frozen-pizza business in the U.S. and Canada, for $3.7 billion in cash; and
3) Announced it is no longer bidding for Cadbury, leaving the nasty battle for the British candy maker to Kraft and Hershey.
When the dust settles, Nestle will be a focused food company. It still has a 29% stake in French cosmetics company L'Oreal SA, but will no doubt exit when it can. Nestle now adds DiGiorno and Tombstone to its Maggi, Buitoni, Hot Pockets, and Gerber. Up next -- General Mills?
Nestlé Sharpens Food Portfolio - WSJ.com
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