P&G Takeover of Teva Drugs Division Receives EU Approval

The takeover by US consumer products giant Procter & Gamble of the 'over-the-counter' division of Israeli drugmaker Teva has received the approval of the European Commission. Anti-trust inspectors "concluded that the proposed transaction would not raise competition concerns, because the merged entity would continue to face sufficient competition in the markets concerned," Brussels said.

The companies announced in March the tie-up covering pain-relief and other products with sales of around a billion dollars.

Source-AFP