Bayer’s Schering AG takeover “successful”

Bayer are set to complete the acquisition of Schering AG after it announced it now has control of 88 per cent of Schering’s shares.

Under the terms of the offer, which was approved by Schering AG’s board, 75 per cent of Schering shareholders had to agree to the sale. Merck KGaA had threatened to scupper the deal by buying 20 per cent of Schering AG’s shares, but after Bayer threatened legal action, Merck sold its Schering stock for a profit and the two parties agreed in principle to cooperate.

The new company will be known as Bayer Schering, which has the intention of becoming a global German-based pharmaceutical company.

Werner Wenning, Bayer management board chairman, remarked: “We’re pleased to have received such broad-based support from the stockholders.”

“We also invite the remaining Schering stockholders to accept our attractive offer of 89 euros per share,” he added.

Both Schering and Bayer are holding a press conference today and are expected to confirm the details of the takeover.

Schering AG specialises in gynaecology and andrology, diagnostic imaging, specialised therapeutics and oncology. In 2004, Bayer bought Roche Consumer Health and as such became one of the world’s top-three suppliers of non-prescription medicines. The company owns the trademark Aspirin, which has been in use since 1899 and is still popular today. Bayer also manufactures Alka-Seltzer and Rennies.

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