Reckitt Benckiser Moving Ahead with Potential $7B Sale of Infant-Formula Business - WSJ

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Reckitt Benckiser Moving Ahead with Potential $7B Sale of Infant-Formula Business - WSJ
Credit: © Reuters.

U.K.-based Reckitt Benckiser (LON: PSN ) Group (OTC: RBGLY ) is moving ahead with the potential multibillion-dollar sale of its infant-formula business, the Wall Street Journal reported Friday, citing people familiar with the matter. The company makes the popular Enfamil baby formula.

First-round bids kicked off this week, and bidders included private equity firm Clayton Dubilier & Rice.

The report added that Reckitt Benckiser's unit could be worth around $7 billion in a sale, citing bankers.

The sale comes as the infant-formula industry has been rocked by shortages that have spread to the U.S., exasperated by a shutdown of a Sturgis, Michigan plant by rival Abbott (NYSE: ABT ) amid concerns of contamination.

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