BRUSSELS (Thomson Financial) - The European Commission said it has
conditionally approved private equity group Nordic Capital's proposed $4.1
billion acquisition of U.S. drug developer Bristol-Myers Squibb Co.'s therapy
and surgical care unit ConvaTec.
The commission has asked Nordic Capital to divest its entire wound care
business as well as its ophthalmic needles business both located in Redditch,
United Kingdom.
The EU executive found that the parties' activities overlap in advanced
wound care products, in particular for alginates (seaweed-based
moisture-absorbing wound care products).
The commission's initial investigation showed that this would raise
competition concerns in the United Kingdom, where the proposed transaction would
combine the two largest players in the alginates market resulting in very high
combined market shares. All other competitors have small or very small market
shares, it said.
nina.chestney@thomsonreuters.com
nc/slj
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|