Viatris fined in Morocco over merger notification, sources say
Repeats to additional subscribers with no changes to text
By Ahmed Eljechtimi
RABAT, Nov 21 (Reuters) -U.S. pharmaceutical giant Viatris Inc. VTRS.O has been fined 7.58 million dirhams ($760,000) by Morocco's competition regulator for failing to notify it regarding its merger, two official sources said on Thursday.
Viatris was formed by the merger of Mylan, which has a subsidiary in Morocco, and Pfizer's PFE.N Upjohn business in 2020.
The fine, equivalent to 2.5% Viatris' revenue in Morocco last year, has already been paid to the Moroccan treasury, the sources said, requesting anonymity.
Viatris also declined to appeal the decision, the sources said.
Viatris did not immediately respond to a Reuters emailed request for comment.
The regulator is also planning to look into other mergers in which the companies failed to notify the regulator. These could include a joint venture between the phosphates and fertilizers giant OCP and Fertinagro Biotech and the takeover of Whirlpool Middle East and North Africa operations by Turkey's appliances maker Arcelik, one of the two sources said.
OCP and Arcelik did not immediately respond to Reuters' requests for comment.
Reporting by Ahmed Eljechtimi; editing by Jason Neely and Ros Russell
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
