Reckitt Benckiser Group Plc agreed to buy Mead Johnson Nutrition Co. (NYSE: MJN) for $16.6 billion, taking the U.K. consumer-products maker into the baby-formula market and providing a catalyst for growth as its sales momentum slows.

The $90-a-share takeover will add to earnings within a year and lead to 200 million pounds ($250 million) of cost savings after three years, the maker of Lysol cleaners said. Reckitt shares fell, reversing early gains, as the company forecast 2017 revenue gains below analyst estimates.

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