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Deal fits Schering growth plan.(Akzo Nobel N.V acquires Schering-Plough Corp)

Chain Drug Review

| April 09, 2007 | COPYRIGHT 2009 Racher Press, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

KENILWORTH, N.J. -- Schering-Plough Corp. has acquired Organon BioSciences NV, the human and animal health care businesses of Netherlands-based Akzo Nobel NV, for $11 billion in cash ($14.4 billion, based on the closing exchange rate on March 9).

The deal, which is expected to close by the end of 2007, is expected to be accretive to Schering's earnings per share by about 10 cents in the first full year, excluding purchase accounting adjustments and acquisition-related costs.

"With this transaction we take another major step in our action agenda to transform Schering-Plough into a global high-performance company for the long term," says chairman and chief …

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Source: HighBeam Research, Deal fits Schering growth plan.(Akzo Nobel N.V acquires...

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