EU approves sale of Merck consumer health unit to P&G

Procter & Gamble's acquisition of the consumer health business of Merck KGaA has gotten the all-clear from the European Commission, the EU body said Tuesday.

The unit specializes in the production, marketing and sales of over-the-counter drugs. Procter & Gamble, meanwhile, is a global manufacturer of consumer goods, ranging from household care to grooming supplies.

In a statement, the commission said the sale would not pose competition concerns because the businesses of the two companies "are generally complementary."

Darmstadt-based Merck announced the sale, amounting to 3.4 billion euros (3.98 billion dollars), in April.