October 25, 2011

China Mengniu Dairy Co Ltd said Monday (Oct 24) it is not in direct talks with Pfizer to bid for its nutrition business, following a media report it was considering such a move.

In a filing with the Hong Kong bourse, Mengniu said "the company is not in any direct negotiation with Pfizer, and currently has no concrete arrangement or plan, in connection with the bid."

"The group will closely monitor the development as other dairy producers would do," Mengniu said. "If the company subsequently decides to take part in the bid and enters into any formal negotiation or agreement with Pfizer, the company will make an announcement."

It was reported on Sunday that China Mengniu was considering a bid for Pfizer's nutrition business, a unit that could fetch as much as US$10 billion.