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UPDATE 1-Pfizer offers EU remedies over planned Wyeth buy

Published 06/30/2009, 07:07 AM
Updated 06/30/2009, 07:17 AM
PFE
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* EU Commission extends review deadline by 10 working days

* Remedies offered; regulator gives no further details

* Pfizer had said it may have to shed some assets (Adds background)

BRUSSELS, June 30 (Reuters) - U.S. drugmaker Pfizer has offered remedies aimed at tackling concerns that its $68 billion planned takeover of rival Wyeth may be anti-competitive, the European Commission said on Tuesday.

The Commission, which polices competition in the 27-country European Union, said in a daily list of planned mergers under scrutiny that it had extended the deadline for its review of the deal to July 20 from July 6.

It gave no further details.

Parties in mergers often offer to divest some sectors or activities to address concerns that their transaction could infringe EU competition rules.

A Pfizer executive was quoted in March as saying that the company may have to shed some of its animal-health business so that it can gain antitrust clearance.

Pfizer said in April that it had received a request for additional information from the U.S. Federal Trade Commission regarding the proposed acquisition of Wyeth.

The company said it still expected to close the deal by the end of the third quarter or during the fourth quarter of this year. (Reporting by Bate Felix, editing by Dale Hudson)

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