The American corporation Procter & Gamble (P&G) will acquire the consumer health unit of the German chemical-pharmaceutical company Merck for EUR 3.4 billion, giving it vitamin brands such as Seven Seas and greater exposure to Latin American and Asian markets.
P&G, known for brands such as Pampers, Gillette and Vicks, announced that the deal would help it expand its portfolio of consumer healthcare products, Reuters reports.
The purchase price for Merck’s business suggests that the German company climbed down from price demands of as much as EUR 4 billion, which sources told Reuters had deterred initial suitors such as Nestle, Perrigo and Stada owners Bain and Cinven.
P&G also announced it will split up its consumer care joint venture with Teva, PGT Healthcare, on July 1, saying strategies were no longer aligned.
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