According to Nestle, he said, hypoallergenic products account for a third of the infant formula market.
Under the settlement, Carnation will pay each state $10,000 and halt advertising claims that its Good Start H.A. baby fomula is hypoallergenic, Hanaway said.
Mr. Perelman is said to be asking a steep $300 million for Almay, a hypoallergenic skin-care and makeup brand with annual revenues of $110 million.