Merck, Schering-Plough merger granted additional regulatory approvals

By Lisa Kerner

Charlotte, N.C., Oct. 29 - The U.S. Federal Trade Commission, the Swiss Competition Commission and the Canadian Competition Bureau have granted their approvals for the proposed merger of Merck & Co., Inc. and Schering-Plough Corp., the companies announced on Thursday.

While the transaction remains subject to approval from other regulators, including China and Mexico, Merck and Schering-Plough said they expect to close the deal in the fourth quarter of 2009.

The European Commission granted its approval last week.

Shareholders of both companies approved the merger in August.

In March 2009, the pharmaceutical companies announced that Merck will acquire Schering-Plough in a stock-and-cash transaction valued at $41.1 billion, or approximately $23.61 per share.

Schering-Plough shareholders will receive 0.5767 shares of new Merck common stock and $10.50 in cash for each share of Schering-Plough. Each Merck share will automatically become a share of the combined company.

Merck is based in Whitehouse Station, N.J., and Schering-Plough is based in Kenilworth, N.J.

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