Bayer continues Schering buy as Merck ups stake

09 June 2006 17:13  [Source: ICIS news]

LONDON (ICIS news)--Bayer said on Friday its €16.5bn ($20.9bn) offer for Schering would continue as planned despite rival Merck KGaA raising its stake in the German pharmaceuticals maker to over 10%, possibly threatening to derail the takeover.

 

“In order to strengthen our position, we began purchasing Schering shares on the market on Friday,” said Bayer chief executive Werner Wenning. “We hope that Merck’s intervention will not prejudice development.”

 

Bayer said in a statement that Merck’s actions “have all the semblance of a blocking tactic designed to hinder Bayer’s acquisition of Schering shares”.

 

Bayer has offered €86/share for Schering stock, trumping an earlier proposed offer from Merck.

By: Anna Jagger
+44 20 8652 3214

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