Bayer reports progress in planned Schering AG acquisition

Germany's Bayer says that it has made progress in its planned acquisition of fellow German firm Schering AG, following the acceptance of its offer by the latter's largest stockholder, Munich-based Allianz AG. Allianz tendered its 11% shareholding on June 2, bringing the acceptance rate to 39.21%. Bayer added that, under German law, no further change to the offer conditions is possible in the absence of a competeing offer, including any extension to the acceptance period. The minimum 75% acceptance threshold must now be reached by June 14, otherwise the offer will lapse. Elsewhere, Bayer is believed to have withdrawn its bid for the auction of US giant Pfizer's over-the-counter drugs business, prior to the submission deadline.