UK's Reckitt Benckiser in advanced talks with Mead Johnson

Markets Associated Press

The U.K.'s Reckitt Benckiser, which makes products ranging from condoms to Lysol, says it's in advanced talks to buy the U.S. baby formula company Mead Johnson.

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Reckitt said it plans to offer $90 for each Mead Johnson share, or about $16.6 billion. That's a 30 percent premium from Mead Johnson's Wednesday closing stock price, a day before word of the deal began to be discussed publicly.

Mead Johnson, based in Glenview, Illinois, makes Enfamil infant formula and other nutritional drinks for infants and children. Reckitt Benckiser Group Plc. is based in London. Its other brands include Nurofen pain medicine and Air Wick air fresheners.

Shares of Mead Johnson Nutrition Co. soared 24 percent to $86.14 in early trading Thursday.