Reckitt Benckiser to buy Mead Johnson

Markets Reuters

(Copyright Reuters 2017)

Reckitt Benckiser has agreed to buy U.S. infant formula maker Mead Johnson Nutrition for $16.6 billion, marking its first step into baby formula, it said on Friday.

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Reckitt, the British maker of Lysol cleaners and Durex condoms, will pay $90 a share for the company, a 30 percent premium to the stock's closing price the day before news of the company's talks was reported.

Including Mead Johnson's debt, the deal is worth $17.9 billion.

(Reporting by Martinne Geller; Editing by David Goodman)