Schering-Plough CEO says Organon buy financed with cash, equity, debt UPDATE |
|
|
|
Published
:
Mon, 12 Mar 2007 12:35
|
(updating with synergies, animal health ops details)AMSTERDAM (AFX) - Schering-Plough Corp chief executive Fred Hassan said that the acquisition of Akzo Nobel NV's Organon Biosciences unit will be financed from a mixture of cash, equity and debt.'Schering-Plough's cash position is very strong and we have a very good borrowing position and debt capability (so) we are very confident we can raise the financing (for the acquisition),' Hassan said during a conference call following the announcement it will buy Organon Biosciences for 11 bln eur.Regarding potential job cuts, the CEO said there will be 'some' reduction and any potential synergies from the acquisition should come from a number of sources, including job cuts, but not exclusively.Akzo Nobel spokesperson Tim van der Zanden said synergies for Schering-Plough should amount to 500 mln eur.He added that Organon's animal health care unit, which recorded sales of 1.1 bln eur in 2006, will keep its headquarters in Boxmeer, combined with Schering-Plough's animal health operations.The new animal health group of Intervet with Schering-Plough operations will be number one in the world, Van der Zanden added.cornelia.messing@Thomson.coman/cmm/cmlCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
|
|
|
|
Print this Story
Schering-Plough CEO says Organon buy to be financed through cash, equity, debt 