Business Services Industry
Pfizer Merger May Crimp Innovation.
Knight Ridder/Tribune Business News, May, 2003
By Dan Haar, The Hartford Courant, Conn. Knight Ridder/Tribune Business News
May 2--We sweated it out this week when Pfizer Inc. poured its job plans out of the merger blender. But the real questions for Pfizer and its 6,000 people in Connecticut start now.
For the second time in three years, Pfizer has spent more than the gross domestic product of some countries to swallow a competitor. The $57 billion combination with Pharmacia is touted as a match made in heaven, of course, like all mergers.
But like all of them -- remember AOL-Time Warner and MCI-WorldCom? -- this one brings plenty of risk for shareholders, consumers and employees.
A larger Pfizer takes us one step closer to having a few companies controlling more corners...
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