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Posted: 10th June 2020
Approval "an important milestone" toward completion.
The proposed acquisition of Bayer's animal health division by Elanco has been approved by the European Commission (EC).
In a press release, Elanco said that it continues to progress toward a mid-year closing, anticipated August 3, 2020. The deal, valued at $7.6 billion, would see Elanco become the second largest company in the animal health sector.
“Approval from the European Commission is an important milestone toward the completion of our acquisition of Bayer Animal Health," commented Jeff Simmons, president and CEO of Elanco.
“As the transaction edges closer to fruition, we look forward to turning our full attention to delivering innovation and an expanded portfolio of solutions for farmers, veterinarians and pet owners across the globe."
Elanco previously announced divestiture agreements, in the range of $120 million to $140 million, to help advance the needed regulatory reviews. The EC’s approval is conditional on several of these proposed divestitures, including:
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