BERLIN (Thomson Financial) - Bayer Schering Pharma AG. the health care unit of Bayer AG. created from the takeover of rival Schering in 2006, said that the integration of the two businesses is continuing as planned.
Of the total 6,100 jobs slated to be cut as a result of the takeover, 2,900 have already been eliminated, Bayer Schering, which is holding its annual general meeting today, said in a statement.
The integration will lead to cost synergies of more than 800 million euros from 2009, 50 percent of which can be ascribed to job cuts, it added.
Lawsuits filed by 46 plaintiffs against the squeeze-out of remaining shareholders in Bayer Schering are currently pending, the company said, adding that it deems them without merit.
Bayer, which owns 96.3 percent of the health care subsidiary, is offering 98.98 euros per Bayer Schering share to the remaining investors. ludwig.burger@thomsonreuters.com lb/jlw COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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