Elon Musk, Tesla Motors CEO, tells the Reuters Global Tech Summit that he'll talk to politicians who back local car dealers trying to keep Tesla from selling directly to consumers. Video
TOKYO/SYDNEY - Asian markets buckled badly on Thursday after the Federal Reserve heralded an eventual end to free money and China turned the screw on credit even as factory activity in the world's second largest economy hit a nine-month low.
DETROIT - A new company hopes to make the car-buying process easier for consumers and more efficient for dealers by bringing cars to buyers for test drives, avoiding the need to spend hours at a dealership.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
Merck takeover of Schering-Plough wins EU approval
BRUSSELS (Reuters) - U.S. drugmaker Merck & Co Inc's (MRK.N) $41.1 billion takeover of smaller rival Schering-Plough Corp SGP.N won approval from European Union antitrust regulators on Friday.
The takeover, structured by Merck as a reverse merger, followed a long-standing joint venture between Merck and Schering-Plough that sells the cholesterol fighters Vytorin and Zetia.
"The proposed transaction would not significantly impede effective competition in the European economic area or any substantial part of it," the European Commission, executive arm of the 27-country EU, said in a statement.
Merck has agreed to sell its half of the Merial animal health business to Sanofi-Aventis (SASY.PA), its French partner in that joint venture, for $4 billion in order to meet antitrust requirements for the Schering-Plough takeover.
The deal still needs U.S. antitrust approval. The companies continue to expect the transaction to close in the fourth quarter.
Merck has said it hopes cost cuts from the merger and a number of promising products from Schering-Plough will improve its profit outlook.
The merged companies will cut 15 percent of their combined workforce, with most job losses to take place outside the United States.
(Reporting by Foo Yun Chee and Lewis Krauskopf in New York; Editing by Dale Hudson, Dave Zimmerman)
- Tweet this
- Share this
- Digg this