Nestle - proposed acquisition of Pfizer Nutrition - Pfizer Inc

Status: 
Completed
Outcome: 
Not opposed subject to undertakings on 22 November 2012
Reference number: 
48730
Industry: 
Infant and toddler milk
Commenced: 
24 May 2012
Total review days: 
63 days

Acquirer(s)

  • Nestle

Target(s)

  • Pfizer Nutrition

Summary

Nestle proposed to acquire Pfizer Nutrition, a global infant nutrition business, from Pfizer Inc.

Market definition

Please refer to the attached Public Competition Assessment.

Competition analysis

Please refer to the attached Public Competition Assessment.

Undertakings

Variation to Nestle Undertaking - on 17 April 2013, the ACCC consented to a variation to the Nestle section 87B Undertaking. The purpose of the Variation was to: (a) incorporate ring fencing measures in relation to information obtained by Nestle relating to a licence agreement Nestle would enter into with the Approved Purchaser; and (b) require Nestle to take all steps to ensure that any licence agreement entered pursuant to clause 5.4(b)(i) of the Nestle Undertaking does not terminate as a result of a breach of that licence agreement by Nestle, and to include a procedure for approval by the ACCC.

Public competition assessment

Document title Date
Public Competition Assessment - PDF version ( PDF 172.05 KB )

Undertakings

Document title Date
Variation to Nestle Undertaking - on 17 April 2013, the ACCC consented to a variation to the Nestle section 87B Undertaking. ( PDF 433.31 KB ) 17 Apr 2013
Nestle section 87B Undertaking (this document is also Schedule 5 to the Pfizer section 87B Undertaking) ( PDF 4.5 MB ) 22 Nov 2012
Pfizer section 87B Undertaking (this document is also Schedule 7 to the Nestle section 87B Undertaking) ( PDF 974.64 KB ) 22 Nov 2012

Timeline

DateEvent
24/05/2012ACCC commenced review under the Merger Review Process Guidelines.
14/06/2012Closing date for submissions from interested parties.
05/07/2012ACCC requested further information from the merger parties. ACCC timeline suspended. Former proposed decision date for announcement of ACCC's findings of 12 July 2012 delayed pending receipt of information requested.
13/08/2012ACCC received further information from the merger parties following ACCC's request for information on 5 July 2012. ACCC timeline recommenced.
22/08/2012ACCC timeline suspended at the request of Nestle to allow it to provide further information. Former proposed decision date of 23 August 2012 delayed.
31/08/2012ACCC published a Statement of Issues outlining preliminary competition concerns.
14/09/2012Closing date for submissions relating to Statement of Issues.
11/10/2012ACCC timeline suspended to allow Nestle and the ACCC to continue negotiations on a draft s87B undertaking. Former proposed decision date of 11 October 2012 delayed.
12/10/2012Draft s87B undertakings proffered by Nestle. ACCC commenced market inquiries.
17/10/2012Closing date for submissions on the draft s87B undertaking from interested parties.
24/10/2012ACCC timeline suspended at the request of Nestle to allow it to provide further information. Former proposed decision date of 25 October 2012 delayed.
16/11/2012ACCC timeline recommenced.
22/11/201287B undertaking accepted by ACCC.
22/11/2012ACCC announced it would not oppose the proposed acquisition.