Britain's Reckitt eyes US child nutrition giant

British consumer health giant Reckitt Benckiser, maker of Durex condoms, is in talks to take over Mead Johnson, an American infant and child nutrition specialist, both firms said Thursday.

Reckitt said it is in "advanced negotiations" to offer $90 in cash for each Mead Johnson share, valuing the Illinois-based firm at $16.7 billion.

This represents a premium of 28 percent over Mead's stock closing price on Wall Street on Wednesday.

In a separate statement, Mead Johnson said that nothing had been finalised "and there are no assurances that any transaction will result from these discussions".

Mead Johnson sells 70 products in over 50 countries, including its flagship "Enfa" line which it says is the world's leading infant nutrition brand.

It booked a net profit of $545 million in 2016 on sales of $3.7 billion. It generates nearly half its sales in Asia.

Mead Johnson belonged to Bristol-Myers Squibb until 2009, when its shares were floated on the stock exchange.

It has regularly been the focus of takeover speculation, with food giants Danone and Nestle tipped as potential buyers.

Mead Johnson said its statement came in response to media reports, but it would now say no more about the talks until they were over.

Reckitt Benckiser, which generated sales of £8.87 billion ($11.26 billion) in 2015, twice downgraded its forecast for organic, or self-generated, sales growth during last year.

Its portfolio of brands includes condom maker Durex, Dettol antiseptics, Air Wick air care and Nurofen painkillers.