Bayer closer to netting Schering AG

Executive Summary

Bayer is closer to completing its friendly takeover of Schering AG after Merck KgaA agrees to relinquish its 21.8% share June 14. As of June 13, Bayer reported ownership of 23.36% of Schering shares; Bayer needs a 75% stake to complete the acquisition. Despite dropping its bid in March, Merck had bought Schering stock to bulk up its share (1"The Pink Sheet" March 27, 2006, p. 10). In response, Bayer filed suit in Manhattan federal court June 13, but dropped the complaint after Merck agreed to relinquish its share...