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Barr Nears Pliva Takeover

The company owns 92% of the Croatian drugmaker's stock.

Updated from 10 a.m. EDT

Barr Pharmaceuticals

(BRL)

has acquired 92% of Croatian pharmaceuticals company Pliva through a $2.5 billion tender offer.

The company also said Friday that the Federal Trade Commission has voted 5-0 to permit the acquisition, subject to "minimal divestitures" of certain overlapping product lines.

The transaction, which is expected to close by Oct. 25, will make Pliva a Barr subsidiary and create the third-largest global generic pharmaceutical company based on revenue of approximately $2.4 billion a year.

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and the Sandoz unit of Switzerland's

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are the two biggest generics manufacturers.

As a result of the Pliva acquisition, Barr will have a presence in more than 30 countries and employ roughly 8,000 people.