(Reuters) — Antitrust regulators in the European Union will decide by Nov. 9 whether to clear Abbott‘s (NYSE:ABT) $25-billion bid for St. Jude Medical (NYSE:STJ), aimed at helping it better compete with bigger rivals.
Abbott sought the European Commission’s approval for the deal Oct. 3, according to a filing on the EU competition enforcer’s website today.
The Commission can either clear the deal with or without concessions or it can open a full-scale investigation if it has serious concerns. The majority of pharmaceutical mergers get the green light with or without conditions in the EU’s preliminary review.
Abbott’s takeover bid comes as medical equipment makers come under pressure to offer a wider portfolio of products to hospital customers, which have gained more negotiating power on pricing after a wave of mergers.