Nestlé/L’Oréal: Beauty and the yeast

If Nestlé is seriously contemplating the acquisition of L’Oréal, it should think again. The markets are rightly concerned that Nestlé will use the cash from the sale of it US eyecare business Alcon to buy the French cosmetics and fragrance company. It’s hard to see what synergies the Swiss food giant might hope to achieve from the merger of baby food and dairy products with beauty creams and lip gloss. There are better things Nestlé can do with its cash. Certainly, Nestlé may soon have opportuni...