FTC sets conditions on S-P's Organon takeover

16 November 2007 15:24  [Source: ICIS news]

LONDON (ICSI news)--Schering-Plough on Friday received clearance from the US Federal Trade Commission (FTC) to acquire Organon BioSciences on the condition it divests three poultry vaccines in the US, the FTC said.

 

The €11bn ($16bn) takeover of Akzo Nobel’s pharmaceutical arm was announced in March 2007. Schering-Plough has already received approval from the European Commission for the takeover.

 

“The FTC’s action today maintains competition for three important poultry vaccines and ensures that consumers will continue to benefit from lower prices and better products,” said director of the FTC’s Bureau of Competition Jeffrey Schmidt.

 

The two parties continued to expect the deal to be completed by the end of 2007, Akzo Nobel said in a statement.

 

($1 = €0.68)

By: Mark Watts
+44 20 8652 3214

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly