Financial Services Industry
Industry: Email Alert RSS FeedKEEPING THE BEST: Pfizer fund not likely to bulldoze Pharmacia after acquisition.(Pfizer Inc. purchase of Pharmacia Corp.)(Brief Article)(Statistical Data Included)
Pensions & Investments, August, 2002 by Fulman, Ricki
NEW YORK - If history is any guide, the combined pension fund that results from the proposed Pfizer Inc. acquisition of Pharmacia Corp. may not mirror Pfizer's current $3.3 billion defined benefit plan. Pfizer's $60 billion deal to acquire Peapack, N.J.-based Pharmacia, which was announced last month, is expected to close by the end of the year upon regulatory approval.
Officials at both companies declined to comment, but sources familiar with the situation recalled that after New York-based Pfizer acquired Warner-Lambert Co. in 1999, the best practices of both funds were reviewed and retained, including indexing some equities. Normally, the head of pension investments at the acquiring company is appointed to run the merged pension plan. However, after...
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