EU Approves J&J Takeover of Synthes

The European Commission approved Thursday a takeover of the U.S. surgical equipment company Synthes by pharmaceutical giant Johnson & Johnson in exchange for J&Js divestment of other units.

The acquisition was said to be worth around $21.3 billion or 16.2 billion euros.

An extensive Commission probe found that, following divestments by Johnson & Johnson of activities in the trauma sector, the entity created by the deal would continue to confront several powerful competitors, a statement said.

Competition commissioner Joaquin Almunia added that J&J had pledged corrective measures to guarantee substantial competition in the interest of patients and national health care programs.