The European Commission concluded that the transaction would not raise competition concerns.
The European Commission has approved the joint venture of Teva Pharmaceutical Industries Ltd's (Nasdaq: TEVA; TASE: TEVA) over-the-counter (OTC) with Procter & Gamble (NYSE:PG). The Commission concluded that the proposed transaction would not raise competition concerns, because the merged entity would continue to face sufficient competition in the markets concerned.
Earlier this year, Teva and P&G announced a joint venture to leverage P&G's marketing and cross-selling via separate global channels. P&G will also have access to Teva's large generic portfolio in pharmacies and supermarkets.
Teva's share price rose 0.8% on Nasdaq on Friday to $37.22, giving a market cap of $33.2 billion, and rose 4.73% in morning trading on the TASE today to NIS 139.40.
Published by Globes [online], Israel business news - www.globes-online.com - on October 2, 2011
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