Nestlé Spins Off Water Unit and Sells Half to Platinum Equity

Nestlé is spinning off its water business into a joint venture and selling half of the unit to Platinum Equity for about $3.4 billion. The deal includes brands such as San Pellegrino, Levissima, and Acqua Panna, and is expected to raise around €3 billion. The company's second-quarter organic sales beat expectations, but volume growth disappointed investors and shares fell sharply. Rising coffee and cocoa prices also weighed on profits. CEO Lienau said the company will invest in Italy.