Reckitt Benckiser gets final approval for Mead Johnson acquisition

Consumer goods giant Reckitt Benckiser has received final regulatory approval for its recommended acquisition of Mead Johnson Nutrition.

Reckitt had announced back in February that it would buy the US baby milk manufacturer for up to $17.9bn in an all-cash deal. The London-listed company will pay $90 per share in cash, valuing Mead Johnson's equity at $16.6bn.

Reckitt's chief executive officer Rakesh Kapoor said at the time: "The acquisition of Mead Johnson is a significant step forward in RB's journey as a leader in consumer health. With the Enfa family of brands, the world's leading franchise in infant and children's nutrition, we will provide families with vital nutritional support. This is a natural extension to RB's consumer health portfolio of Powerbrands which are already trusted by millions of mothers, reinforcing the importance of health and hygiene for their families.

"Mead Johnson's geographic footprint significantly strengthens our position in developing markets, which will account for approximately 40% of the combined group's sales, with China becoming our second largest powermarket."

The deal is expected to complete on 15 June.

At 1526 BST, the shares were down 0.7% to 7,899.34p.