BRUSSELS Nov 12 U.S. consumer products maker
Procter & Gamble and Israeli generic drugmaker Teva
gained EU regulatory approval on Monday to set up a
joint venture to sell over-the-counter medicines.
The companies are targeting $1.3 billion in annual sales
from the joint venture, with the potential to grow to $4 billion
in annual sales towards the end of the decade.
The European Commission said the transaction would not raise
competition concerns because it would not significantly alter
the market in remedies for conditions such as pain and
arthritis, particularly in the Baltics.
"The Commission found that in all these markets the combined
market shares of the parties remain relatively low and Procter &
Gamble would continue to face sufficient competitive
constraints," the EU watchdog said in a statement.