CSL and Talecris drop merger plans

Australia's CSL Limited and US firm Talecris Biotherapeutics say that they have mutually agreed to terminate their merger agreement, announced  last year (Marketletter August 18, 2008), under which the former agreed  to acquire Talecris for $3.1 billion in cash.

Brian McNamee, chief executive of CSL Limited, said, "we are  disappointed that the US Federal Trade Commission resolved to block the  transaction. As we have previously stated, we fundamentally disagree  with the FTC case and matters included in their complaint. Although we  continue to believe in the many customer benefits and significant  financial synergies that supported the transaction, CSL's board of  directors did not believe that entering into a protracted litigation  process with the FTC, with its inherent risks, substantial costs, and  lengthy distraction of CSL management and staff from planning and  running our businesses would be in the best interests of our  stakeholders"