EC approves Pfizer-Ferrosan buy-out
It found the undisclosed February merger, “would continue to face a number of credible competitors.”
“The parties' activities overlap in the supply of multivitamins with minerals in a number of member states,” the EC said.
“The Commission's examination of the proposed transaction showed that even in those member states with the highest overlaps, the combined market shares of Pfizer and Ferrosan are in general relatively moderate, and the merged company would be constrained by a number of credible competitors.”
“The Commission also examined potential issues arising from Pfizer's current ownership of Capsugel, a producer of empty hard gelatine capsules in which Ferrosan's products are delivered and concluded that the proposed merger does not raise any concerns in this regard.”
Ferrosan was purchased in 2005 by the Danish private equity firm, Altor Equity Partners. Its EBITDA doubled from 147m Danish Kroner (€19.7m) to DKK 302m (€40.5m), between then and 2010.
