Nestle continues streamlining with sale of $1.2B stake in Givaudan

|About: Nestle S.A. ADR (NSRGY)|By:, SA News Editor

Nestle (NSRGY) is selling its 10% holding in flavors and fragrances maker Givaudan (GVDNY) via a private placement to institutional investors such as pension funds.

The sale of the stake, which is worth up to 1.08B Swiss francs ($1.2B), comes as Nestle reviews its businesses and offloads under-performing assets. The company recently sold weight-loss firm Jenny Craig and is reportedly searching for a buyer for its PowerBar energy bars brand.