* EU's executive arm sees no competition concerns
* Merger pegged at $41 billion when announced in March
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BRUSSELS, Oct 23 (Reuters) - U.S. drugmaker Merck & Co Inc's
The takeover, structured by Merck as a reverse merger, followed a long-standing joint venture between Merck and Schering-Plough that sells the cholesterol fighters Vytorin and Zetia.
"The proposed transaction would not significantly impede effective competition in the European economic area or any substantial part of it," the European Commission, executive arm of the 27-country EU, said in a statement.
Merck has agreed to sell its half of the Merial animal
health business to Sanofi-Aventis
Merck has said it hopes cost cuts from the merger and a number of promising products from Schering-Plough will improve its profit outlook.
The merged companies will cut 15 percent of their combined workforce, with most job losses to take place outside the United States. (Reporting by Foo Yun Chee; Editing by Dale Hudson)