Germany's Merck KGaA plans Serono squeeze-out |
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Published
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Sun, 25 Feb 2007 16:54
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FRANKFURT (AFX) - Merck KGaA said it plans to squeeze out the remaining shareholders in its Swiss subsidiary Merck Serono SA after the German drug maker raised its stake in the unit above the legally required 98 pct threshold.Merck said in a statement late Friday that it currently holds 99.1 pct of Merck Serono's actually issued voting rights and 98.7 pct of its actually issued share capital.'After reaching the necessary threshold of 98 pct, Merck KGaA now plans to conduct a squeeze-out for the remaining outstanding shares in order to acquire a 100 pct interest in Merck Serono's actual share capital,' Merck said.The German firm added it intends to delist Merck Serono shares in Switzerland and deregister the subsidiary's American Depository Shares and American Depository Receipts in the US.newsdesk@afxnews.comjfb/jfbCOPYRIGHTCopyright 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
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Serono to drop out of SMI as of Feb 13 