Schering-Plough and Merck merger ‘receives go-ahead’

Schering-Plough has announced that the proposed merger between itself and Merck & Co has received approval from the firm’s shareholders.

The global healthcare company revealed that its shareholders voted more than 99 per cent in favour of the move, which is anticipated to be completed in the fourth quarter of 2009.

As part of the merger, the combined firm will be named Merck and its stakeholders will receive 10.50 dollars (six pounds and thirty pence) for each Schering-Plough common share they hold.

Fred Hassan, chairman and chief executive of Schering-Plough, commented: “Today’s vote by our shareholders reflects the potential they see to create a strong global health care leader by combining these two companies.”

Schering-Plough currently employs around 51,000 individuals, has net sales of 18.5 billion dollars and has operations in 140 countries globally.

Its research areas include central nervous system disorders, immunology and infectious diseases, respiratory conditions and women’s health.