Bayer acquisition plans
This article was originally published in The Tan Sheet
Executive Summary
Bayer is not turning away from pursuing growth in the consumer segment and will continue to look for "useful and value-adding transactions in our OTC portfolio," CEO Werner Wenning maintained during a March 24 conference call on the firm's plans to merge its existing pharmaceuticals division with Berlin-based Schering AG. Bayer announced a $17.47 bil. "white knight" bid for the specialty pharmaceutical firm March 23, thwarting a hostile acquisition attempt from Merck. The move follows existing strategy, Wenning said. "We always pointed out that it is our strategy to strengthen the specialty products business of our pharma division and expand our global position in the OTC business...