The European Commission on Monday approved Novartis' (NVS) $5.1 billion offer to buy the shares of Chiron (CHIR) that the Swiss drug giant doesn't already own.
The proposed purchase of 56% of Chiron's shares already has been cleared by the Federal Trade Commission, leaving approval by Chiron's shareholders as the last step in completing the deal. Chiron hasn't set a shareholder vote yet because its merger proxy must be approved by the Securities and Exchange Commission. Chiron, Emeryville, Calif., recently said it might hold the vote in March. The acquisition must be approved by a majority of Chiron shares not held by Novartis. Four investment firms holding 17.5% of Chiron's shares -- and about 30% of the shares eligible to vote -- oppose the Novartis bid, saying it's too low. Novartis has offered $45 a share. Shares of Chiron were off 6 cents to $45.60, and shares of Novartis declined 97 cents, or 1.7%, to $54.78.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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