P&G Buys German Company Merck For $4.2 Billion

20 Abril, 2018, 02:15 | Author: Arnold Perez
  • PROCTER & GAMBLE ACQUIRES MERCK'S CONSUMER HEALTH BUSINESS FOR ABOUT $4.21 BILLION

A final deal with P&G on Merck's French consumer health business has yet to be devised out with the labour representatives however, that would not change the overall price decided with P&G.

The German drugmaker recorded €911 million ($987 million) worth of sales from its consumer products in 2017.

P&G also announced it will split up its consumer care joint venture with Teva, PGT Healthcare, on July 1, saying strategies were no longer aligned.

The Merck unit includes vitamin brands Femibion and Neurobion. For the full year 2017, net sales of the Consumer Health business amounted to Euro 911 million (USD$1.1 billion).

Turns out Procter & Gamble didn't want Pfizer's consumer health unit after all. Among P&G's largest business segments, beauty and fabric & home care sales rose above the FactSet consensus, while baby, feminine & family care was flat, and just shy of expectations.

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"The majority of our top 15 to 20 markets are turning, so we do have some issues, we do understand them, and we're making additional interventions to address them", P&G's CEO David Taylor said during the company's earnings call on April 19.

In a regulatory filing, Merck Ltd said Procter & Gamble Overseas India B.V and The Procter & Gamble Company have launched an upto Rs 647.53 crore open offer to acquire up to 4,315,840 equity shares of Merck Ltd, constituting 26 percent stake from public shareholders. But like many of its peers, Merck KGaA appears more interested in creating branded treatments in lucrative therapeutic areas like cancer and multiple sclerosis.

The selloff agreement wraps up a sale process the Darmstadt-based drugmaker embarked on last September, pointing to "increasing internal constraints to fund" its consumer health business.

Also part of the transaction are two consumer health-managed production facilities in Spittal, Austria and Goa, India.

"P&G's global scale and strategic interest in the health and well-being of consumers provide an excellent basis for accelerating growth, leveraging our teams' capabilities and expanding the Consumer Health business profitably", commented Belén Garijo, Member of the Executive Board of Merck. Merck KGaA's stock, conversely, was up less than 1% Thursday morning.

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