Merck and Sanofi-Aventis abandoned plans to combine their animal-health businesses after wrestling with competition regulators for a year over potential divestitures.
The companies will now keep the Intervet and Merial units separate at no penalty to either side, they said in a statement today.
So what's really going on? My sources say that they think this deal came apart when Pfizer announced it was interested in divesting itself from Animal Health. With a "new potential spouse" in the room to be acquired (or parted out), both bride and groom suddenly decided they might hold off and see if they got a better offer (or a better deal) down the road.
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