Danone, Nestle Said to Have Bid Proposals for Pfizer Unit

Danone SA and Nestle SA, vying to buy Pfizer Inc.’s infant-nutrition unit, are working on ways to overcome antitrust hurdles after submitting preliminary bids of about $10 billion, said two people with knowledge of the matter.

Nestle is considering buying all of Pfizer’s infant-nutrition assets and then conducting an auction to sell what it can’t keep because of regulatory concerns it would become too dominant in some markets, said one of the people, who declined to be identified because the process is confidential. Danone is weighing a joint bid with Mead Johnson Nutrition Co. and may split the business along geographies or brands, said the people.