Reckitt Benckiser in talks to buy Mead Johnson Nutrition for $16.7 billion

LONDON - UK consumer giant Reckitt Benckiser Group Plc said it was in advanced talks to buy baby food maker Mead Johnson Nutrition Co in a deal valued at about $16.7 billion (13.21 billion pounds). Reckitt Benckiser said it would pay $90 in cash for each Mead Johnson share, a 29.5 percent premium to Wednesday's close. Mead Johnson shares jumped 22 percent in after-market trading. Reckitt Benckiser said it expected to finance the proposed deal through cash and debt. The Wall Street Journal first reported on the deal. -Reuters