P&G Wins EU Approval for Teva Over-the-Counter Drug Venture
Procter & Gamble Co. (PG), the world’s largest consumer-products maker, and Teva Pharmaceutical Industries Ltd. won European Union approval for a joint venture to sell over-the-counter medicines.
The European Commission said the deal didn’t raise competition concerns because the combined market share for pain killers and cough medicine would remain relatively low and P&G would continue to face rivalry. It said it approved the deal as P&G’s proposed acquisition of Teva’s over-the-counter business.
Paul Williams, a spokesman for Teva, said P&G will have a 51 percent stake in the venture, PGT Healthcare, and Teva will hold the remainder.
“This is a joint initiative that has ongoing involvement from the two parties,” Williams said in by e-mail.
To contact the reporter on this story: Aoife White in Brussels at awhite62@bloomberg.net
To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net
Rate this Page
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.