BRUSSELS - German drugmaker Boehringer Ingelheim has offered concessions in an attempt to win EU antitrust approval for its $20 billion asset swap with France's Sanofi (PA:SASY), which would make it the second-largest company in the global animal health market.
Notice of the offer was published on the European Commission's website on Friday without providing details.
The EU executive delayed its decision on the merger to July 28 from July 13 to seek feedback from third parties before deciding whether to accept the proposal.
The swap deal would give Boehringer Sanofi's Merial animal health unit -- which has an enterprise value of 11.4 billion euros ($12.6 billion) -- in return for its consumer health arm.
Sanofi's acquisition of the consumer health operations is being scrutinised separately by the EU competition watchdog, with a decision scheduled for July 20.