FRANKFURT (Reuters) - Bayer (BAYG.DE: Quote, Profile, Research) had completed its acquisition of Roche Holding's (ROG.VX: Quote, Profile, Research) consumer drugs unit, the German chemical and drugs group said on Saturday.
The 2.38 billion euro ($3.2 billion) buy lifted Bayer from 6th place in the world's over-the-counter market to the top 3 beside Johnson & Johnson (JNJ.N: Quote, Profile, Research) and GlaxoSmithKline (GSK.L: Quote, Profile, Research) .
"The combination of the two organizations results in a commercial entity that is more successful than the sum of its parts," said Gary Balkema, president consumer care of Bayer.
Aspirin, Bayer's antacid Alka-Seltzer and Roche's Rennie digestive tablets will now come under one roof. Roche's biggest over-the-counter segment was vitamins, while Bayer's is painkillers.
The acquisition will boost Bayer's earnings from 2006, though the Leverkusen-based firm would take a hit of 0.25 euros in earnings per share in 2005 because of the deal.
The enlarged consumer drugs unit has some 6,700 employees in 120 countries with headquarter in the United States.
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