Warner-Lambert and Pfizer merger will lead to 10% job losses, says de Vink

As the merger between Pfizer and Warner-Lambert moves to a close, dueMay 25, the latter's outgoing chief executive Lodewijk de Vink has told the firm's shareholders that the tie-up will probably result in a 10% reduction of the new entity's combined work force, which currently stands at around 12,000.

His remarks were made to nearly 100 shareholders who overwhelmingly approved the merger in a meeting described by Reuters as "a mournful farewell and a sedate pep talk at the same time." Mr de Vink said that W-L has not closed "the doors on independence lightly," adding that "the ultimate question was not 'do we seek a combination of power and impact?', but when." He predicted that over the next four to five years, the new Pfizer could deliver earnings growth "at the level of 25% or better."

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