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01/03/2007

Bayer Schering Pharma AG officially launched



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Germany-based pharmaceutical company Schering has now been officially renamed "Bayer Schering Pharma AG." The necessary entry in the commercial register took effect on December 29, 2006. Following the entry of the domination and profit and loss transfer agreement in the commercial register on October 27, 2006, this means another important condition for combining Bayer's and Schering's pharmaceutical activities has been fulfilled. The new logo has already been mounted on Bayer Schering Pharma's headquarters building in Berlin.

"We are pleased that Schering now belongs to the Bayer Group in name as well, and that this is visible to the world," said Bayer AG Management Board Chairman Werner Wenning. "We are continuing to make good headway with the integration process. The appointment of highly qualified people to important positions, particularly in research and development, is largely complete, and we were able to fill these positions equitably with employees from both companies. Now we are focusing on the next steps, particularly the squeeze-out process and realizing the planned synergies."

Bayer Schering Pharma AG, headquartered in Berlin, is to be managed together with Bayer's current pharmaceutical business as a division of the Bayer HealthCare subgroup. The resolution necessary for a squeeze-out is expected to be passed at an Extraordinary Stockholders' Meeting of Bayer Schering Pharma AG to be held in Berlin on January 17, 2007. Employing the legally defined squeeze-out procedure, it is intended that the shares owned by minority stockholders be transferred to the main stockholder, Bayer Schering GmbH, a wholly owned subsidiary of Bayer AG, in return for adequate cash compensation.

Source: Bayer AG



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