Australia's competition watchdog said Wednesday that it won't oppose Schering-Plough Corp.'s (SGP) US$41 billion takeover of Merck & Co. (MRK).

In a statement, the Australian Competition and Consumer Commission - one of many competition agencies around the world reviewing the deal - said that the deal won't result in a significant lessening of competition in the Australian animal health market.

-By Lyndal McFarland, Dow Jones Newswires; 61-3-9292-2093; lyndal.mcfarland@dowjones.com