Wenning emphasized that all the remaining stockholders of Schering have the opportunity to tender their shares to Bayer - also at a price of EUR 89 per share - during the additional acceptance period, which runs from June 23 until July 6. Of this figure, about 42 percent were acquired either on the stock market or directly, while a further 46 percent were tendered under the public takeover offer. Bayer now controls 88 percent of Schering's outstanding shares. The previous evening Bayer already announced the final result of the first acceptance period for the takeover offer. The acquisition of Schering is the Bayer Group's biggest-ever transaction. Due to the importance of the merger, Wenning himself plans to take over the chairmanship of the new company's supervisory board.īayer already holds 88 percent of Schering's outstanding shares Wenning said he is pleased Erlen has agreed to join the supervisory board of Bayer Schering Pharma AG as one of its vice chairmen. Schering executive board chairman Erlen will remain available to the new company. The present executive board of Schering AG will remain in office until the extraordinary stockholders' meeting and assist with the integration. Jorg Spiekerkotter - have decided not to serve on the board of management of Bayer Schering Pharma. The three other current members of the Schering executive board - Dr. All the members of the board of management of Bayer Schering Pharma will at the same time be members of the Bayer HealthCare executive committee. On the board of Bayer Schering Pharma he will also hold responsibility for production and human resources. In this function, Baumann will continue to be responsible for the entire Bayer HealthCare subgroup. Rubin will serve as head of research and development in the new company, while Baumann will become head of central administration and organization. Riemann will head up the Oncology, Hematology and Cardiology, Dermatology, and Specialty Therapeutics business units and also assume responsibility for the North and South America regions. Kostlin will assume responsibility for the Primary Care, Gynecology and Andrology, and Diagnostic Imaging product groups, and will represent the business in Europe, Asia and Japan. Gunnar Riemann and Werner Baumann from Bayer. After that the future "Bayer Schering Pharma," headquartered in Berlin, will be led by a new board of management chaired by Arthur Higgins, who will also continue to head up the entire Bayer HealthCare subgroup.Īlso on the management board of Bayer Schering Pharma will be Dr. An extraordinary stockholders' meeting of Schering AG is planned for September. The two chairmen announced initial details of the upcoming integration process. And the chances of achieving this are good." "Together with Bayer we now want to become even better. "Schering is in excellent shape," added Schering executive board chairman Dr. "We will combine two successful pharmaceutical companies to form a single, even more powerful unit and create a leading global enterprise," said Bayer management board chairman Werner Wenning at a joint news conference June 21 in Berlin. Following the success of Bayer's takeover offer for Schering, the two companies are confident about their common future.
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