NOVARTIS SEES EON LABS APPROVAL NOT BEFORE JULY

Swiss drugmaker Novartis AG does not expect U.S. approval for its takeover of U.S. generics maker Eon Labs before July 8 and has extended its tender offer for the shares into next month.

Novartis said in a statement on Tuesday that the offer for all outstanding public shares in Eon Labs was extended to July 1 from June 20. However, it does not expect U.S. regulatory approval for the takeover to come before a court hearing on litigation by shareholders that is scheduled for July 8. "Novartis does not currently expect to receive regulatory approval prior to the court's hearing," Novartis said.

()a href="http://go.reuters.com/newsArticle.jhtml?type=topNews&storyID=8850110" target="_blank">Reuters