. . .Sanofi's CEO admits to the WSJ Health blog that:
. . . .The problem: Schering-Plough is bringing its own leading animal-health business to the Merck deal, and combining the two would create a juggernaut, with more than a quarter of the world market. . . .
While Sanofi's CEO now says it is "more likely than not" that he will exercise the call, it is far from clear that the ECC and FTC will allow one animal health company -- as a creation solely of merger and venture transactions (i.e., not natural, organic growth, over time) -- to effectively seize control of a quarter of the world's veterinary markets.