South Korea’s antitrust watchdog has approved Danaher’s proposed $21.4 billion acquisition of General Electric’s biopharma division on condition that they sell certain assets to address monopoly concerns,reported Reuters.
The US medical equipment maker Danaher got conditional EU approval in December for the deal after agreeing to sell five businesses to address worries about competition.
GE agreed a year ago to sell its biopharma business to Danaher in the biggest strategy reversal under its Chief Executive Lawrence Culp.
“The merger of the two US firms will likely have impact on South Korea’s bioprocessing market, which heavily relies on imports of foreign goods,” the Korea Fair Trade Commission (KFTC) said in a statement, citing potential price hikes and monopoly concerns over the merger.
The KFTC said the companies need to sell eight bioprocessing product assets to address monopoly concerns.
Full Content: Reuters
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