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Glaxo Wellcome and SmithKline Beecham Plan Merger
British drug groups Glaxo Wellcome PLC and SmithKline Beecham PLC announce a merger to form GlaxoSmithKline valued at 182.4 billion dollars with 58.75 percent stake for Glaxo and 41.25 percent for SmithKline. The deal aims for three year pretax savings of 1.6 billion and builds the world’s largest drugmaker with HQ in London and operations in the United States. The agreement awaits Federal Trade Commission and union approvals. layoffs are anticipated though details are few.
MENTIONED IN THIS ARTICLE
London
Glaxo Wellcome PLC
SmithKline Beecham PLC
London Stock Exchange
Te Pewig Company
GlaxoSmithKline
Federal Trade Ission
Glaxo
SmithKline
United States
Pizer Inc
Warner
U.S
Warner-Lambert Co
Warner-Lambert
American Home Products Corp
Pfizer
Glaxo Wellcome
SmithKline Beecham
Pfi
SminhKline Beecham Cinel
Jan Leschly
Leschly
Richard Sykes