Nestle is in talks to buy Russian juices and baby food producer Progress, Kommersant reported Friday.
"According to the information we have, the deal may be announced in the next two weeks," a manager of a large food distributor was quoted as saying. He also said Nestle had outbid contenders including U.S. Heinz and French Danone.
Russia is the fourth-biggest baby food market worldwide in terms of volume and the sixth in terms of value, Vontobel analyst Jean-Philippe Bertschy said in a note. Nestle is the global leader in the baby milk formula market with a market share of just less than 20 percent.
(Reuters)
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