Deals
Mylan Wins Backing of Top Holder Abbott to Avoid Takeover
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Mylan NV’s top shareholder is backing the drugmaker’s plan to avoid being taken over by its biggest rival in the generics industry.
Abbott Laboratories said it would vote its 14.5 percent stake in favor of Mylan’s $33 billion bid for Perrigo Co. at a shareholder meeting on a potential deal in July or August. A deal with Perrigo will let Mylan block a $40.1 billion takeover by Teva Pharmaceutical Industries Ltd., so long as Mylan drops its offer for Perrigo. Perrigo has so far rebuffed Mylan.