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Merck, Schering-Plough stockholders approve merger (Roundup)
Aug 7, 2009, 19:00 GMT
New York - Stockholders of pharmaceutical giant Merck & Co and competitor Schering-Plough Corp on Friday both approved a merger of the companies valued at 41.1 billion dollars.
The deal announced in March would double the number of medicines under the final stages of development by Merck to 18 and create the second-largest US pharmaceutical firm. At two special sessions, 99 per cent of the stockholders approved the deal.
Under the agreement, Schering-Plough shareholders will receive 0.6 shares of Merck and 10.50 dollars for each share, amounting to a total of 23.61 dollars per share.
The deal is to be completed in the fourth quarter.
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