Recently, Merck (MRK) and Schering-Plough (SGP) received approval from the US Federal Trade Commission (FTC), the Swiss Competition Commission and the Canadian Competition Bureau for their proposed merger. However, the transaction has yet to receive approval from other regulators, including China and Mexico. The deal was approved by the European Union antitrust regulators last week. Shareholders of both the companies have already approved the deal in August. Merck expects to close the proposed merger by year end. The FTC approval has come with the condition that both companies will sell some assets. As a result, Schering-Plough has agreed to sell its rolapitant drug, meant to be used for the treatment for nausea and vomiting in chemotherapy patients to Opko Health Inc. In addition, Merck agreed to sell its interest in Merial Ltd, an animal health joint venture, to its French partner, Sanofi-Aventis ...

Recently, the European Union (EU) approved the proposed $41.1 billion merger between Schering-Plough (SGP) and Merck & Co. (MRK). The deal is awaiting approval from the U.S. Federal Trade Commission. The transaction is expected to close in the fourth quarter of this year. While approving the merger, the EU clarified that the tie-up will not hinder effective competition significantly in Europe, even though both participants in the merger operate in the field of prescription pharmaceuticals. While checking for overlaps in Europe, particularly in the fields of asthma and allergic rhinitis, the European body did not find the products to be close competitors. Consequently, the merger would not be considered to hog the market and choke other companies. As a reminder, Merck filed for EU approval last month after the completion of the sale of its 50% interest in animal health company Merial Limited (Merial) to ...

On Aug. 3, Dow Chemical Co. (DOW) reportedly agreed to sell its acrylic acid and esters plant in Clear Lake, Texas, and the North American UCAR Emulsion Systems specialty latex businesses to Arkema Inc. for $50 million. Arkema is a global chemical company and France’s leading chemicals producer, specializing in Vinyl Products, Industrial Chemicals and Performance Products.

Media reports said that Dow would use proceeds from the sale for further de-leveraging which will be accretive to the company’s shareholders. The U.S. Federal Trade Commission (FTC) should approve Arkema as the buyer of Dow’s assets. The deal is expected to close in the fourth quarter of 2009.

Earlier in July, Dow had entered an agreement with Petroliam Nasional Berhad (PETRONAS) of Malaysia, a state-owned integrated oil and gas corporation, to divest its ownership in Optimal Group of Co.s for $660 million. This transaction is likely to close by the

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