MMD Essential To Hoechst For Leading Pharma Role

Hoechst's acquisition of Marion Merrell Dow is an essential move for the German company to continue playing a leading role in pharmaceuticals, Jurgen Dormann, chairman of the management board, told journalists in Frankfurt last week.

Moreover, he said, the acquisition, because of its scale, "sends a message in terms of health policy and business in general that is to be seen and evaluated from a German perspective.....it is more than just a regional expansion of our activities."

The $7 billion-plus purchase of MMD is not yet complete, although "due diligence" investigations are close to conclusion. Discussions are in hand with the US Federal Trade Commission and its European equivalent, but until the final word is given there is no guarantee of the bid going through. And until then, Hoechst says it cannot give details of how the expanded group will be restructured and reorganized.