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China approves Pfizer's Wyeth acquisition

Pfizer has announced it has received approval for its pending acquisition of Wyeth from China's Ministry of Commerce

China's Ministry of Commerce has given Pfizer approval for its pending takeover of Wyeth, which includes a commitment from Pfizer to sell certain animal health assets in the country.

Jeff Kindler, chairman and CEO at Pfizer said: "We are pleased to have achieved another significant milestone with the Ministry's approval of the pending transaction."

Wyeth shareholders approved the merger in July 2009 following an announcement that the deal had been cleared by the European Commission under the European Union Merger Regulation authorisation process.

Approvals from regulators and governments on several continents were required before the deal agreed in January 2009 could go ahead due to the size of the businesses involved.

The completion of the acquisition is dependent on regulatory approval from Australia, Canada and the US, which are expected shortly. Pfizer hopes to close the transaction in the early part of Q4 2009.

29th September 2009

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