Pfizer/Wyeth Merger on Track – Maybe?
June 4, 2009 at 9:57 am EST | Tags: Economy & Layoffs, Gossip & Rumors, Mergers & Acquisitions
The Pfizer/Wyeth (PFE/WYE) merger is right
on track guys (and I guess so is the next round of layoffs?). Last
week, PFE submitted documents to the European Commission for review of
any anti-trust issues, but news didn’t break officially, however, until
earlier this week.
The EU Commission will give a yay or nay on July 6th, on par with its standard Phase I review timeline of 25 working days (worst case scenario?).
What wasn’t mentioned in the press releases is that the review process can be extended by up to 10 working days if issues arise, which would put a decision date at July 20th. The commission still has the flexibility to extend the process yet further into a Phase II review. This would provide it with an extra 90 additional days, putting a decision date well into the Fall.
PFE, like Merck, still wants to streamline its focus and sell off its Animal Health business, which recently received approval for Palladia to treat cancer in dogs.
As for WYE, UBS analyst Roopesh Patel said in a note to investors last week that it believes the company is:
“…in the process of scheduling a special shareholder meeting to vote on the merger for July 20th. This merger does not require a PFE shareholder approval.”
The PFE/WYE merger is expected to close at or by the end of the year. The 1000’s of layoffs? It’s anyone’s guess.
Anonymous Tip? Laid off? Contact us: hr AT iguanabio DOT com
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Well, I just heard from a recently laid off Sr. Director that Pfizer has decided to extend the Adapting to Scale (ATS) severance packages until Dec. 2010.
As you guys know, I am not a Pfizer Pfan, but the extension of the generous severance package until after most of the Wyeth/Pfizer merger layoffs occur. Hopefully, this is true and ~20,000 soon to be laid off employees can have an easier transition in to the unemployed arena.
J