It’s common for companies to do a bad deal. It’s less common for them to admit as much and reverse tack after just two years, writes KarenKKwok
in August 2020. Nestlé originally touted potential annual sales of $1 billion for the drug, which had received U.S. Food and Drug Administration approval. But on Tuesday the Swiss consumer-goods giant said uptake had been slow among patients and doctors.
Nestlé Chief Executive Mark Schneider can arguably afford to be honest, rather than trying to bury the M&A flop within his $330 billion behemoth. That’s because his overall acquisition strategy seems to be working. Nestlé says it has bought companies with a total enterprise value of more than $50 billion since 2017, with 83% by value either achieving or exceeding the company’s acquisition plans.
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