BRUSSELS (Thomson Financial) - The European Commission said it has extended
the deadline for its inquiry into private equity groups Nordic Capital and
Avista Capital Partners' proposed $4.1 billion acquisition of U.S. drug
developer Bristol-Myers Squibb Co.'s therapy and surgical care unit ConvaTec to
July 15.
The original deadline was July 1.
The commission extended the deadline by 10 working days due to "first phase
commitments" offered to alleviate competition concerns.
Proceeds from the sale will be used to help fund Bristol-Myers strategy to
shift its focus to biopharmaceuticals.
nina.chestney@thomsonreuters.com
nc/tc
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