Company or individual details
- Pfizer Australia Pty Ltd008 422 348
On 22 November 2012, the ACCC announced it had accepted undertakings from Nestlé S.A, Nestlé Australia Pty Ltd and Duke Holdco Pty Ltd (together, Nestlé) (Nestlé Undertaking) and Pfizer Australia Pty Ltd (Pfizer Undertaking) in relation to Nestlé S.A’s proposed acquisition of Pfizer Nutrition (the Proposed Acquisition).
The Nestlé Undertaking requires that Nestlé license Pfizer Nutrition’s Australian infant nutrition business brand portfolio to a purchaser to be approved by the ACCC. The Pfizer Undertaking requires that Pfizer provide transitional services and transfer key employees to the approved purchaser.
The ACCC considered that in the absence of the Nestlé Undertaking and Pfizer Undertaking, the Proposed Acquisition would have had the effect or have been likely to have the effect of substantially lessening competition in relation to the national market for the wholesale supply of Starter Infant Formula and Follow-On Milk (IFFO market) and national market for the wholesale supply of Growing-Up Milks (GUMs market).
The objective of the Pfizer Undertaking, in conjunction with the Nestlé Undertaking, is to address the ACCC's competition concerns which would otherwise arise as a consequence of the Proposed Acquisition by placing obligations on Pfizer to:
- ensure the maintenance of a viable, effective, stand-alone, independent and long term competitor in the IFFO and GUMs markets
- ensure the approved purchaser has the necessary assets, rights and agreements to compete effectively in the IFFO and GUMs markets.
A copy and description of the Nestle Undertaking can be found as a separate entry on the Public Registers website. The Nestle Undertaking is also Schedule 5 of the Pfizer Undertaking.