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EU extending review of Pfizer, Pharmacia merger

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BRUSSELS, Belgium — The European Union's antitrust office is extending its review of Pfizer's proposed purchase of Pharmacia Corp. According to an Associated Press story, the EU Commission was seeking additional time to negotiate more concessions from the companies.

According to the AP, the delay follows a spate of recent court decisions that went against the EU Commission. In response to criticisms, the EU said it will “stop the clock“ more often on its tight schedule for reviewing merger proposals.

In late October, the U.S. Securities and Exchange Commission approved Pfizer's joint proxy statement/prospectus in anticipation of the merger. Shareholders are expected to vote on the merger on Dec. 6 for Pfizer, Dec. 9 for Pharmacia.