Pfizer's Wyeth acquisition gets EC go ahead

Pfizer has announced that the European Commission(EC) (under the European Union Merger Regulation authorisation process) has cleared its $68bn purchase of Wyeth.

"We are pleased to have achieved another significant milestone for the pending acquisition with the EC's approval of the transaction," said Amy Schulman, senior vice president and general counsel of Pfizer.

Pfizer agreed to buy Wyeth in January, but approvals from regulators and governments on several continents are required due to the size of the businesses involved. Pfizer has also said that the Chinese Ministry of Commerce has extended its review of the deal beyond the initial 30 days. Meanwhile, in the US, a 90-day regulatory review continues.

Wyeth shareholders are scheduled to vote on the merger today and the deal is expected to close at the end of the third quarter or during the fourth.