Sanofi to Acquire Dynavax in $2.2 Billion Deal to Strengthen Vaccine Portfolio 
China’s Iron Ore Buyer Pressures Mining Giants as New Supply Shifts Market Power 
Nvidia and Groq Strike Strategic AI Inference Licensing Deal 
Lockheed Martin Secures $92.8M AEGIS Sustainment Contract from U.S. Navy 
China’s LandSpace Takes Aim at SpaceX With Reusable Rocket Ambitions 
European Markets Mixed as Pound Weakens and Major Corporate Deals Emerge 
Asian Stock Markets Trade Narrowly as Year-End Volumes Thin, KOSPI Outperforms on Tech Rally 
Japan to Audit Brazil’s Beef System, Paving Way for Market Access 
Winter Storm Devin Triggers Massive Flight Cancellations and Travel Disruptions Across the U.S. 
Oil Prices Rise as Ukraine Peace Talks and Middle East Tensions Stir Supply Concerns 
Hyundai Faces Deadline on Russia Plant Buyback Amid Ukraine War and Sanctions 
Hong Kong Home Prices Rise for Sixth Straight Month as Rate Cuts Lift Market Sentiment 
Oil Prices Slip Slightly as Markets Weigh Geopolitical Risks and Supply Glut Concerns 
U.S. Stock Index Futures Steady as Markets Await Fed Policy Clues in Holiday-Thinned Trade 
Oil Prices Rise as Middle East Tensions and Ukraine Uncertainty Fuel Supply Concerns 
BOJ Signals Further Rate Hikes as Inflation and Weak Yen Remain in Focus 
BP’s Castrol Stake Sale Raises Debt Relief Hopes but Sparks Cash Flow Concerns 
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.
