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Thursday, June 12, 2014

EU regulators halt review of Zimmer's $13 billion Biomet bid, (NYSE: JNJ)

The European Commission halted its review of Zimmer Holdings Inc's $13.4 billion bid for Biomet Inc on Thursday, saying the U.S. orthopedic products maker's submission lacked some details. Zimmer sought European Union clearance on June 3 for the deal that would make it the second-biggest in the sector, behind market leader Johnson & Johnson."The notification that the Commission received was incomplete," Commission spokesman for competition policy Antoine Colombanni said.The watchdog scrapped its July 9 deadline for a decision on the deal and will set a new date once Zimmer provides the required data.

Johnson & Johnson is a holding company. The Company is engaged in the research and development, manufacture and sale of a broad range of products in the health care field. Shares of JNJ fell by 0.52% or $-0.5378/share to $102.78. In the past year, the shares have traded as low as $82.12 and as high as $104.15. On average, 7487400 shares of JNJ exchange hands on a given day and today's volume is recorded at 1661984.