BAYER, SCHERING MOVE FORWARD WITH INTEGRATION
The
way is now clear for Schering AG to be integrated into the Bayer Group, Schering
has announced. The management of Bayer Schering GmbH has resolved to execute the
domination and profit and loss transfer agreement with Schering AG. "We plan
to integrate the acquisition as quickly as possible, creating a leading global
player in the specialty pharmaceuticals industry," Werner Wenning, chairman
of Bayer's management board, said.
The domination and profit and loss
transfer agreement was entered in the commercial register on Oct. 27. Pursuant
to this agreement, Bayer Schering GmbH is offering the outside stockholders of
Schering AG cash compensation of 89.36 euros per share. The amount of the offer
corresponds to the weighted average price of Schering stock over the three-month
period immediately preceding the extraordinary stockholders' meeting on Sept.
13. Schering stockholders who choose not to sell their shares will receive an
annual guaranteed dividend of 3.62 euros (net) per share.
Dritte BV GmbH had
previously been renamed Bayer Schering GmbH. The Bayer Group holds its shares
in Schering AG through this wholly owned subsidiary. The company plans to apply
in December to rename Schering AG as Bayer Schering Pharma AG to be entered in
the commercial register.
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