BRUSSELS (Reuters) - EU antitrust regulators have approved Procter & Gamble's (P&G) (N:PG) 3.4 billion euro ($3.9 billion) acquisition of Merck (NYSE:MRK) KGaA's (DE:MRCG) consumer health unit, saying on Tuesday that they had no competition concerns.
The takeover would add vitamin brands such as Seven Seas to a P&G portfolio that includes Pampers diapers and Gillette razors while boosting its presence in Latin America and Asian markets.
The sector has undergone a wave of consolidation in recent years as companies bulk up product ranges and businesses in other markets, but the European Commission said that a preliminary review of the deal found no serious issues.
"The transaction gives rise to a limited number of horizontal overlaps for which the Commission found, following its market investigation, that sufficient competition will remain after the transaction," the Commission said in a statement.
($1 = 0.8744 euros)