Schering boss welcomes takeover, regrets loss of independence

0 Comments | AFP, March, 2006

BERLIN (AFP) — German pharmaceutical group Bayer's purchase of rival Schering makes sense commercially and strategically, Schering boss Hubertus Erlen said in an interview, while regretting his company's loss of independence.

Bayer announced a cash offer for Schering of 86.0 euros (103 dollars) per share late on Thursday, presenting its approach on Friday as friendly.

The effect was to shut out Merck, which had made an unsolicited offer for Schering last week at 77.0 euros per share.

"I regret that Schering must lose its independence," Erlen told the daily Berliner Zeitung. "I have been with Schering for 34 years and without Merck's offer we could still have had a bright future."

However, he added, without white knight Bayer Schering could not have...