Seton Scholl in pounds 1.46bn merger

SETON SCHOLL, the footcare-to-hangover cures group, has agreed to merge with London International Group, the world's largest condom maker, in a deal that will create a healthcare company worth pounds 1.46bn, writes Andrew Verity.

Seton said it would offer LIG shareholders 23.41 in shares in SSL International, the new company to be formed from the merger, valuing LIG at pounds 631m. Seton shareholders will retain their shares.

The deal ends a three-month takeover battle and gives Seton its first foothold in the North American market. It will lead to the loss of about 350 jobs in the sales and marketing divisions of the two companies. Savings of pounds 25m a year are expected.