ZURICH (Reuters) – Food group Nestle is in no hurry to acquire companies given rich valuations and will stick to its traditionally cautious approach to deals, its chief executive told a conference on Thursday.
“I’ve done hundreds of deals in my life, the largest one ever was Starbucks at 7 billion so I’m not a ‘mega deal’ maker,” Mark Schneider said in a discussion organised by Bernstein.
“I’m a strong believer in that statement by former U.S. President Obama: don’t do stupid stuff. That to me in M&A is sort of the guiding light. You have to stay level-headed, down to earth, even if something looks attractive on paper it has to add up in all components,” he said.
(Reporting by Silke Koltrowitz; Editing by Michael Shields)
