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Bayer buys more Schering stock to complete takeover

Initiatives

Bayer AG, Germany's largest drugmaker, plans to buy all remaining shares it doesn't already own in Schering AG, after increasing its stake to more than 95% as part of a €17 billion ($21.5 billion) takeover. Bayer bought more Schering shares on the stock market yesterday, the Leverkusen, Germany-based company said in an e-mailed statement on Saturday. “We will now arrange a further meeting of Schering shareholders as soon as possible to finalize the full takeover,” Michael Schade, a spokesman for Bayer, said by telephone from Leverkusen. In Germany, a holding of 95% or more in a company gives the investor the right to buy all remaining shares. Bayer bought Berlin-based Schering to acquire the company's best-selling multiple sclerosis treatment and Yasmin contraceptive pills to bolster its health-care unit. Schering will hold a shareholders meeting on September 13, at which Bayer plans to win approval for an accord to get full operational control of the company and all its profits, so-called domination, and profit and loss transfer agreements. (Bloomberg)

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