Business Week - City watches #130bn merger.
GlaxoSmithkline’s success will be evaluated next week as the giant formed by the biggest-ever pharmaceuticals merger reports its latest annual results, the first since its official union on December 27.
Sales from its constituent companies continued to grow during the third quarter. GlaxoWelcome’s revenue was #6.7bn and Smithkline Beecham’s #2.2bn. The union was announced in January 2000, and originally due to complete that summer. But despite winning EU approval in May and shareholder approval in August, the merger was delayed twice because of US anti-trust investigations. The #130bn merger was approved by UK courts and the US federal trade commission in December 2000.