Bayer has been acquiring shares in Schering at E89 per share in a takeover deal worth E17 billion.
Bayer said that the next step in the integration of Schering into the Bayer organization will be an extraordinary stockholders meeting to be held in September.
“This result is a great success. It enables us to integrate Schering quickly and create a leading international player in specialty pharmaceuticals,” commented Bayer management board chairman Werner Wenning. “We’re still aiming to acquire the entire stock of Schering,” Wenning stressed, “but we’re not in a hurry.”
The number of Schering shares tendered to Bayer under the takeover offer before the additional acceptance period expired on July 6, 2006 was 91.5 million, or 47.9% of the outstanding shares. By July 11 Bayer had also purchased 85 million Schering shares, or 44.5%, in the market or directly.
Bayer further said that it would now include Schering in its financial reporting.