BREAKING NEWS
This content is not available in your region

EU clears 3.4 billion euro P&G deal for German Merck's consumer health business unit

EU clears 3.4 billion euro P&G deal for German Merck's consumer health business unit
FILE PHOTO: The logo for Procter & Gamble Co. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 27, 2018. REUTERS/Brendan McDermid/File Photo   -   Copyright  Brendan McDermid(Reuters)
Text size Aa Aa

BRUSSELS (Reuters) – EU antitrust regulators have approved Procter & Gamble’s (P&G) 3.4 billion euro (£3.08 billion) acquisition of Merck KGaA’s consumer health unit, saying on Tuesday that they had no competition concerns.

The takeover would add vitamin brands such as Seven Seas to a P&G portfolio that includes Pampers diapers and Gillette razors while boosting its presence in Latin America and Asian markets.

The sector has undergone a wave of consolidation in recent years as companies bulk up product ranges and businesses in other markets, but the European Commission said that a preliminary review of the deal found no serious issues.

“The transaction gives rise to a limited number of horizontal overlaps for which the Commission found, following its market investigation, that sufficient competition will remain after the transaction,” the Commission said in a statement.

(Reporting by Foo Yun Chee; Editing by David Goodman)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.