P&G ditches Pfizer, picks Merck’s consumer health business

After weeks of offers and speculations, a deal has finally been struck in the consumer health space, though not really in an expected manner. P&G has ditched Pfizer’s consumer health unit to buy the same business of rival Merck, which was eyed by Mylan NV.
P&G was willing to pay $15 billion for Pfizer’s consumer health unit, but the latter demanded nothing short of $20 billion. However, instead of raising the bet, P&G found another seller in Merck and bought their consumer health business for about $4.21 billion.
https://news.alphastreet.com/pg-ditches-pfizer-picks-mercks-consumer-health-business/