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Antitrust authorities approve Bayer's acquisition of Schering
Leverkusen - The European Commission today approved without conditions Bayer's planned acquisition of Schering AG. This leaves the Leverkusen group free to complete the deal as far as antitrust law is concerned, since clearance in the United States was already obtained on April 21, 2006. Bayer had made its cash offer to Schering stockholders conditional upon regulatory approval by the E.U. and U.S. authorities.
A further condition to the takeover offer is that the minimum acceptance threshold of 75 percent is reached by May 31, 2006. Bayer Management Board Chairman Werner Wenning pointed out once again that the offer of EUR 86 per Schering share is approximately 61 percent above the unweighted 12-month average price and some 39 percent above the closing price of Schering shares before the first takeover rumors surfaced. "It is thus worthwhile for Schering shareholders to accept our offer," Wenning stressed.
Additional information and the official offer document are available on the internet at www.bayer.com.
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