Abbott Gets European Clearance for Solvay Deal
From Associated Press (February 11, 2010)
NEW YORK -- European regulators gave Abbott Laboratories antitrust
clearance to buy Solvay's pharmaceutical business for $6.6 billion,
with certain sales conditions.
Under the clearance, Abbott will have to divest Solvay's cystic
fibrosis testing business. European regulators cited concerns that
the combination could harm competition in that market.
In September, Abbott said it would buy Solvay's pharmaceutical
business in an effort to expand internationally and add to its
product portfolio. Solvay, based in Belgium, is a chemical
maker.
The buyout gives Abbott, which makes medical and pharmaceutical
products, access to emerging markets in Eastern Europe and Asia
along with new therapeutic areas, including hormone therapies and
vaccines.
Shares of Abbott, based in North Chicago, Ill., rose 33 cents to
$53.59 in afternoon trading.
Posted: February 2010
