Bayer controls over 90% of outstanding Schering shares
Bayer's public takeover offer for Schering AG has been achieved with Bayer now controlling 92.4% of the approximately 191m outstanding Schering shares.
Bayer's public takeover offer for Schering AG has been achieved with Bayer now controlling 92.4% of the approximately 191m outstanding Schering shares.
"This result is a great success," said Bayer management board chairman Werner Wenning. "It enables us to integrate Schering quickly and create a leading international player in specialty pharmaceuticals.
"We're still aiming to acquire the entire stock of Schering," Wenning stressed, "but we're not in a hurry."
The number of Schering shares tendered to Bayer under the takeover offer before the additional acceptance period expired on July 6, 2006 was 91.5m, or 47.9% of the outstanding shares. By July 11 Bayer had also purchased 85.0m Schering shares, or 44.5%, in the market or directly.
The next step in integrating Schering into the Bayer organisation will be an Extraordinary Stock-holders" Meeting of the Berlin company in September. Among the items on the agenda will be the approval of a domination and profit transfer agreement between Schering AG and Bayer.