Bayer Schering Pharma AG

Bayer Schering Pharma AG is a research-centered pharmaceutical company that was formed by the merger of Schering with Bayer on December 29 2006. The company was originally founded in 1851 by Ernst Schering (1824-1889). The company employs more than 26,000 people in 140 subsidiaries all over the world. The company's headquarters are in Berlin-Wedding, Germany and the forerunner company Schering's annual gross revenue was nearly € 5 billion (2003). They retain the largest German manufacturing facility which is located in Bergkamen. The company focuses on the business areas of gynaecology & andrology, oncology and also special therapeutics, diagnostical devices & nuclear medicine. Schering best-known product is their line of combined oral contraceptive pills.

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Bayer's Takeover Bid

On March 13, 2006, Merck KGaA announced a €1.46B bid for Schering [1]. The offer document was due to be issued in early April 2008.

Merck's takeover bid was surpassed by Bayer's $195B white-knight bid for Schering on March 23, 2006. In June 2008 Bayer finally bought the majority of shares, over 1%. A domination agreement using the code name "Step On It" was used for the take-over. On February 17 2009 the company publically announced that 1,000 jobs would be cut through voluntary redundancy from the Berlini operations with effect until March 2008.