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Novartis divestment on hold

This article was originally published in The Tan Sheet

Executive Summary

Swiss company will reorganize its Health Food & Slimming and Sports Nutrition businesses into stand-alone unit called Nutrition et Santé, postponing sale of two divisions "due to a lack of attractive offers," firm says Nov. 29. Company hopes reorganization will build value while Novartis seeks appropriate buyer. "We will pursue our strategy, but until now the offers have not matched the value of the brand portfolio," firm says. Novartis announced divestiture plans in February and subsequently sold Food & Beverage segment in October (1"The Tan Sheet" Oct.14, 2002, In Brief). Current Health & Functional Foods head Alain Chatillon will serve as Nutrition et Santé CEO...

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