Trump’s Inflation Claims Clash With Voters’ Cost-of-Living Reality 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 
Gold Prices Slide Below $5,000 as Strong Dollar and Central Bank Outlook Weigh on Metals 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
Russian Stocks End Mixed as MOEX Index Closes Flat Amid Commodity Strength 
Trump Endorses Japan’s Sanae Takaichi Ahead of Crucial Election Amid Market and China Tensions 
Thailand Inflation Remains Negative for 10th Straight Month in January 
Dollar Near Two-Week High as Stock Rout, AI Concerns and Global Events Drive Market Volatility 
Nestle unit has acquired the Purina Petcare brand in the country for ₹125.3 crore. The Swiss multinational food company made the announcement of its new acquisition in India on Thursday, July 28.
As per Business Standard, in addition to the acquisition of India’s Purina Petcare pet food brand, Nestle also announced the launch of its Gerber nutrition brand in the country. The information was shared during the company’s June quarter earnings report that took place this week.
The Fast Moving Consumer Goods (FMCG) Vevey, Switzerland-based food company, further noted that it is seeing the early indications of prices of commodities, including packaging materials and edible oils easing up. Thus, this is a good time to expand its pet foods business through the deal.
The acquisition will give Nestle access to the fast-growing pet care business in the second most populous country in the world. Both Nestle India and Purina Petcare India are subsidiaries of Nestle S.A., and based on the regulatory filing, the former’s board gave the go signal for “the acquisition of Pet Foods Business (PFB) from Purina Petcare India through business transfer."
Nestle S.A. fully owns Purina Petcare India, while it only holds 62.76% of its Indian unit. In any case, the deal is expected to be completed on Oct. 1.
Nestle India stated in the filing, "The company and Nestle Group have agreed to a value of ₹123.5 crore as the consideration for the purchase of PFB, which works out to around 3.4 times the turnover of Purina Petcare India for the financial year ended March 31, 2022."
LiveMint further quoted Nestle India’s chairman and managing director, Suresh Narayanan, as saying with regards to the decision to acquire Purina Petcare, “There are far greater synergies with evolution in channel strategies now than when the business was launched in 2018 and the pet food business of Purina Petcare India has gained traction amongst Indian pet owners and established the pet food brands across key segments while building a robust pet specialty distribution network.”
Finally, once the Purina Petcare business is transferred to Nestle India, it is expected to give the latter more access to the local pet foods industry, which has grown and is still projected to grow more in the coming years.
