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Merck's acquisition of Schering-Plough is completed

Nov 05, 2009 (M2 EQUITYBITES via COMTEX) --

Companies: Merck & Co., Inc. (MRK), Schering-Plough Corp. (SGP)

US pharmaceutical company Merck & Co Inc (NYSE:MRK) confirmed on Tuesday that it has completed its USD41.1bn takeover of smaller rival Schering-Plough Corporation (NYSE:SGP).

Schering-Plough shareholders will receive 0.5767 shares of the combined company and USD10.50 in cash for each share of Schering-Plough owned. Each Merck common share will automatically become a common share of the new company.

The acquisition was completed following clearance from regulatory authorities in China and Mexico.

The joint company, which will use the name Merck, is expected to generate annual revenue of USD47bn. The combination of Merck and Schering-Plough is expected to result in cost savings of approximately USD3.5bn annually from 2011. 

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News Provided by COMTEX

Companies: Merck & Co., Inc. (MRK), Schering-Plough Corp. (SGP)


Related terms: acquisition, china, mexico, nyse, takeover

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