Shares of Schering surged 25 percent after the news leaked that German rival Merck KGaA was readying a $17.4 billion bid for the big pharma company. Schering's board rejected the $125-a-share offer before the offer ever hit the table, though, setting up a hostile buyout battle. The offer represented a 15 percent premium over Schering's current price, but Schering is unlikely to become a willing partner at a premium of less than 30 to 35 percent. Schering met its profit forecast for 2005 but doubts have been raised about its pipeline prospects.
- here's the article from The Australian
PLUS: Lufthansa CFO Karl-Ludwig Kley was named CEO of Merck KgaA. Former CEO Bernhard Scheuble left the company abruptly last November. Report