China launches probe into foreign baby formula makers

China’s state media announced Tuesday that officials have launched an investigation into foreign producers of baby formula for possible price fixing and anti-competitive activity, The Wall Street Journal reported. The companies targeted by the probe include Switzerland’s Nestlé (NESN.VTX), France’s Danone (BN.EPA), Netherland-based FrieslandCampnia, US-based Abbott Laboratories (ABT.NYSE) and Mead Johnson Nutrition (MJN.NYSE). A China-based formula importer Biostime (1112.HKG) will also be probed. The investigation comes as Beijing seeks to bolster scandal-plagued domestic brands, with some of the country’s milk producers revving up their efforts in formula production.