Nestlé, the world's largest food and beverage company, is eyeing up Pfizer's lucrative baby formula business as a way to tap into China's booming infant formula market and extend its lead in the sector.
Early last week, Nestlé was thought to be closing in on the deal for about $10 billion, but last Friday it emerged that rival Danone had raised its bid for the American pharmaceutical company's baby milk business to almost $11 billion.
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