Teva may have to wait a little longer to complete its $7.46 billion acquisition of Barr Pharmaceuticals after regulators in Europe said that they need more time to evaluate the deal.

The European Commission has extended its review of the Israeli drugmaker’s bid for Barr to December 22 from next Monday. The agency is looking at potential competition concerns about the deal.

Teva and Barr would appear to have allayed some anticompetititive fears having recently agreed to sell 17 generics to rival Watson Pharmaceuticals for $36 million. Last week, Barr’s shareholders approved the deal and Teva recently announced that it had renegotiated bank funding for the deal which will see it assume $1.94 billion of Barr's existing debts.

The two firms were also asked to provide additional information regarding the planned merger by the US Federal Trade Commission in September. That ‘second request’ was expected by Teva which said at the time that the transaction should close in late 2008.