Merck KGAA's Hostile Bid Catalyzes Bayer-Schering Combo

In March 2006, Bayer AG's €16.3 billion ($19.6 billion) cash offer for Schering trumped compatriot Merck KGAA's unsolicited €14.6 billion takeover bid for the specialist pharma marketer. The offers to acquire Schering put a spotlight on Europe's mid-sized players, most of which are either on the acquisition trail or putting up For Sale signs in front of corporate headquarters.