EU clears $3.9 billion P&G deal for German Merck's consumer health business unit

FILE PHOTO: The logo for Procter & Gamble Co. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 27, 2018. REUTERS/Brendan McDermid/File Photo

BRUSSELS (Reuters) - EU antitrust regulators have approved Procter & Gamble's (P&G) PG.N 3.4 billion euro ($3.9 billion) acquisition of Merck KGaA's MRCG.DE consumer health unit, saying on Tuesday that they had no competition concerns.

The takeover would add vitamin brands such as Seven Seas to a P&G portfolio that includes Pampers diapers and Gillette razors while boosting its presence in Latin America and Asian markets.

The sector has undergone a wave of consolidation in recent years as companies bulk up product ranges and businesses in other markets, but the European Commission said that a preliminary review of the deal found no serious issues.

“The transaction gives rise to a limited number of horizontal overlaps for which the Commission found, following its market investigation, that sufficient competition will remain after the transaction,” the Commission said in a statement.

($1 = 0.8744 euros)

Reporting by Foo Yun Chee; Editing by David Goodman