Bayer: No rush to buy entire Schering AG stock

Bayer has claimed it now controls over 90 per cent of Schering AG’s stock, following a successful acquisition bid.

The company now has control of 92.4 per cent of outstanding shares, purchased at 89 euros per share – a price that the markets believe is attractive, according to Werner Wenning, the Bayer management board chairman.

With the vast majority of Schering AG shareholders now agreeing to the merger, an extraordinary stockholders’ meeting will be held in September to approve domination and profit transfer agreements before the two companies complete the $21 billion (11.4 billion pounds) merger to become Bayer Schering. In addition, because Bayer now owns a majority stockholding in Schering, it will now report Schering’s business in its own accounts.

Mr Wenning stated: “This result is a great success. It enables us to integrate Schering quickly and create a leading international player in specialty pharmaceuticals.”

He added: “We’re still aiming to acquire the entire stock of Schering, but we’re not in a hurry.”

Last month, Bayer HealthCare announced it was selling its diagnostics business to Siemens Medical for 4.2 billion euros (2.9 billion pounds). Siemens Medical has a large contingent of UK-based staff who provide diagnostic and imaging solutions for the NHS and the private sector.

Bayer employs 2,500 people in the UK, where 46 per cent of sales are created by its healthcare division.

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