Abbott offers EU concessions over $25 billion St. Jude deal

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ticker and trading information for St. Jude
The ticker and trading information for St. Jude Medical is displayed where the stock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 28, 2016. REUTERS/Brendan McDermid/File Photo

Medical device maker Abbott Laboratories (ABT.N) has offered concessions in an attempt to secure EU antitrust approval for its $25 billion bid for St Jude Medical Inc (STJ.N), according to the European Commision.

The move pushed back the European Commission’s decision on the deal to Nov. 21 from Nov. 9, according to a filing on the EU competition enforcer’s website on Thursday. It did not provide details.

The Commission can either accept the offer, demand more or open an investigation which can take up to five months.

Abbott and St Jude last month announced the sale of some of their medical devices worth about $1.12 billion to Japanese company Terumo Corp (4543.T) as part of their deal.

The deal comes as medical equipment makers come under pressure to offer a wider range of products to hospital customers.

(Reporting by Foo Yun Chee; Editing by Alexandra Hudson)

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