Amsterdam, the Netherlands, October 11, 2007 – Schering-Plough Corporation has received approval from the European Commission for its planned acquisition of Organon BioSciences N.V. from Akzo Nobel N.V.
In connection with the clearance, Schering-Plough has agreed to divest certain animal health products in Europe. The divestitures are not material to the company’s financial results. No divestitures of human health products are required.
EUR 11 billion deal was announced in March and Schering-Plough still needs to secure certain regulatory approvals, including clearance from the U.S. Federal Trade Commission (FTC), before the transaction can be finalized.
Akzo Nobel and Schering-Plough continue to expect the deal to be completed by the end of the year.