British health, home and hygiene product maker Reckitt Benckiser (RBGLY) announced that it will close its $17.9 billion takeover of baby milk maker Mead Johnson (MJN) on June 15, which is sooner that had been expected, the Financial Times reported.
With China being the lone region yet to approve the deal, Reckitt had said that it expected the deal to close at the end of its third quarter on September 30.
Reckitt plans to sell its foods business, which includes Frank's Red Hot sauces and French's mustard, as part of the acquisition.
What's Hot on TheStreet
Apple and all of tech remains in focus: European tech shares such as SAP SE (SAP) , Infineon Technologies AG (IFNNY) and ASML NV (ASML) fell sharply on Monday after last week's late Nasdaq rout. Not helping matters was a rare downgrade on Apple (AAPL) on Sunday on fears the stock may be too richly valued.
Walmart is under siege from a German rival: Aldi is coming after Walmart's (WMT) grocery market share, as the German discount retailer says it will invest $3.4 billion to expand its U.S. presence. The privately-held German grocery store said it plans to increase its store base to 2,500 by 2022. Aldi currently operates 1,600 U.S. stores.
GE's CEO is stepping aside: Industrial conglomerate General Electric (GE) said Jeffrey Immelt, chairman and CEO, plans to step down. Immelt has been with GE since 1982 and has served as chairman and CEO since September 2001. John Flannery, the current president and CEO of GE Healthcare, was named chairman and CEO. He will become CEO effective Aug. 1, and also take over the chairman role effective Jan. 1, 2018, a day after Immelt officially retires.
TheStreet reported last week that General Electric may sell additional businesses as investor Trian Partners pressured Immelt to meet aggressive performance targets.
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