Merck Set to Complete Sigma-Aldrich Acquisition
European Commission approves sale of divestment business to Honeywell
Merck announced that following the final approval of the European Commission it is set to complete its $17 billion (€13.1 billion) acquisition of Sigma-Aldrich.
Merck KGaA
The European Commission had granted conditional approval to the acquisition of Sigma-Aldrich on June 15, 2015, subject to the divestment of certain Sigma-Aldrich assets. On October 20, 2015, Merck announced an agreement to sell parts of Sigma-Aldrich’s solvents and inorganics business to Honeywell. Now that the European Commission has approved that transaction, all necessary closing requirements have been fulfilled for Merck to complete the acquisition of Sigma-Aldrich. The formal completion date is scheduled for November 18, with the delisting of Sigma-Aldrich’s stock from NASDAQ taking effect following completion.
“We’ve reached the home stretch and are set to complete the largest acquisition in our almost 350-year history,” said Karl-Ludwig Kley, CEO and Chairman of Merck.
Merck and Sigma-Aldrich announced on September 22, 2014 that they had entered into a definitive agreement under which Merck would acquire all outstanding shares of Sigma-Aldrich for $140 per share in cash. Today’s final approval of the European Commission follows the approval of the acquisition by Sigma-Aldrich’s shareholders at a special meeting held on December 5, 2014 and the satisfaction of other customary conditions, including antitrust clearance in the United States, China, Japan and several other countries.
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