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)

ADVERTISEMENT

European e-commerce soars during pandemic - study Analysis

European e-commerce soars during pandemic - study

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.