Go-ahead for Schering AG integration with Bayer

The way is now clear for Schering AG to be integrated into the Bayer Group. The management of Bayer Schering GmbH (formerly Dritte BV GmbH) has resolved to execute the domination and profit and loss transfer agreement with Schering (Marketletters passim). "This is a milestone along the road to integrating Schering into the Bayer organization," commented Bayer management board chairman Werner Wenning, saying this would be done as quickly as possible.

The domination and profit and loss transfer agreement was entered in the commercial register on October 27. Pursuant to this agreement, Bayer Schering GmbH is offering outside stockholders of Schering cash compensation of 89.36 euros a share. The amount of the offer corresponds to the weighted average price of Schering stock over the three-month period immediately preceding the extraordinary stockholders' meeting of September 13, including the price on that day itself. Further details regarding the cash compensation offer will be announced in the near future. Schering stockholders who choose not to sell their shares will receive an annual guaranteed dividend of 3.62 (net) per share.