Nestle has entered exclusive talks to sell its skin health business to a consort...
ZURICH/FRANKFURT - Nestle has entered exclusive talks to sell its skin health business to a consortium led by EQT Partners for 10.2 billion Swiss francs , as the food group shifts its portfolio in response to changing consumer demands.
Nestle was also under fire from activist investor Daniel Loeb’s Third Point, which asked for a faster overhaul in July. The U.S. hedge fund has since generated very good returns on its Nestle stake, leading Loeb to praise Schneider’s performance this year. “EQT focuses on quality businesses. We have a lot of good ideas how to develop Nestle Skin Health into a pearl and then make our return,” EQT partner and co-head of private equity Marcus Brennecke told Reuters.
Nestle Skin Health , which sells Cetaphil and Proactiv skin care products, Restylane wrinkle fillers and prescription dermatology medicines, had sales of 2.8 billion Swiss francs last year.
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