Schering-Plough Wins EU Approval for Purchase of Akzo Pharma Unit

Schering-Plough says it has received approval from the European Commission for Schering-Plough’s $14.4-billion acquisition of the Organon BioSciences pharmaceutical business from Akzo Nobel (CW, March 21, p. 10). Schering-Plough says it is still waiting for approval from the U.S. Federal Trade Commission. Akzo and Schering-Plough expect the deal to be completed by year-end. Akzo says it will use proceeds from the sale to fund the company’s planned purchase of ICI. That deal is scheduled to close on January 2, 2008. Separately, Akzo says it plans to...

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