Abbott Divestment Wins EU OK For $6.6B Solvay Deal

Law360, New York (February 11, 2010, 4:55 PM EST) -- The European Commission signed off Thursday on Abbott Laboratories' $6.6 billion bid for Solvay Group's pharmaceutical business Thursday, with the condition that Abbott sell off Solvay's cystic fibrosis testing business.

The antitrust regulator had worried that the high shares the two companies had of the market for the test could hurt competition, but in late January Abbott offered to divest the part of Solvay unit Innogenetics NV that markets the diagnostic in the European Union to appease those concerns.

As of a result of that commitment,...
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