May 16, 2019

Nestlé in talks to sell its skincare business for $10.12 billion

Photo: Todd Oren/WireImage

Nestlé has entered exclusive talks to sell its skincare business, which includes Proactiv acne treatments and Cetaphil moisturizers, for $10.12 billion to a private equity group that includes EQT Partners and the Abu Dhabi Investment Authority.

Why it matters: This would be Europe's second-largest private equity deal since the financial crisis, according to Refinitiv. It also comes amid a flurry of other skincare deals, including Beiersdorf's purchase of Coppertone earlier this week.

The bottom line: "The cash injection could make Nestle well-placed for further acquisitions, though large ones would probably face antitrust issues given the Swiss company’s market position in food and beverages. Nestle’s cash pile may get even larger as it expects to sell its Herta lunch-meat business by mid-year and has put medical unit Prometheus Labs on review." — Bloomberg

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Bernie Sanders wins Nevada caucus

Democratic presidential candidate Sen. Bernie Sanders waves to supporters at a campaign rally on Friday in Las Vegas. Photo: Mario Tama/Getty Images

Sen. Bernie Sanders is projected to handily win the Nevada Democratic primary caucus, becoming the clear frontrunner among 2020 Democratic presidential primary election candidates.

Why it matters: Nevada is the first state with a diverse population to hold a nominating contest, highlighting candidates' abilities to connect with voters of color — particularly Latino voters.

Go deeperArrowUpdated 38 mins ago - Politics & Policy

South Korea and Italy see spikes in coronavirus cases

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus has spread to more nations, and the U.S. reports a doubling of its confirmed cases to 34 — while noting these are mostly due to repatriated citizens, emphasizing there's no "community spread" yet in the United States.

The big picture: COVID-19 has now killed at least 2,362 people and infected more than 77,000 others, mostly in mainland China. New countries to announce infections recently include Israel and Lebanon, while Iran reported its sixth death from the virus. South Korea's confirmed cases jumped from 204 Friday to 433 on Saturday and Italy's case count rose from 3 to 62 by Saturday.

Go deeperArrowUpdated 2 hours ago - Health

America's rundown roads add to farmers' struggles

Illustration: Sarah Grillo/Axios

American farmers are struggling to safely use the roads that cut through their fields; decades of neglect and lack of funding have made the routes dangerous.

The big picture: President Trump has long promised to invest billions in rural infrastructure, and his latest proposal would allocate $1 trillion for such projects. Rural America, where many of Trump's supporters live, would see a large chunk of that money.