Synthes/Mathys merger
This article was originally published in The Gray Sheet
Executive Summary
Synthes is "prepared to appeal" an anti-trust ruling prohibiting the German portion of its $1.1 bil. purchase of Mathys' osteosynthesis business, pending a "careful" analysis of the regulatory body's (Bundeskartellamt) decision, Synthes says March 29 (1"The Gray Sheet" Feb. 16, 2004, In Brief). The bulk of the Aug. 13 Mathys divestiture closed Feb. 6, excluding the German operations...
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Synthes/Mathys merger
German competition authority, Bundeskartellamt, is expected to issue a ruling on the German portion of Synthes' $1.1 bil. purchase of Mathys' osteosynthesis (trauma, spine, maxillofacial) business by mid-March. The authority's "preliminary view" is that the combination "will create a dominant position for the combined group on the German market for trauma products," Synthes states Feb. 11. The firm notes that market share exceeding 33% is dominant under German law; its market share is the subject of the German investigation. German competitors include J&J, Smith & Nephew and Stryker. Mathys, which retained endoprosthetics (hips/knees) in the deal, also will keep the German operations for the time being. The remainder of the Aug. 13 divestiture closed Feb. 6. Synthes will submit a brief seeking to refute the German authority's preliminary findings by Feb. 24; if that fails, the firm says it will appeal in state court. The combined German operations would represent 5%-10% of Synthes' global sales (1"The Gray Sheet" Aug. 18, 2003, p. 8)...
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