Bayer AG - Annual Report 2006 - Bayer Schering Pharma off to a successful start

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Bayer Schering Pharma AG, Germany* off to a successful start

The Extraordinary Stockholders' Meeting of Bayer Schering Pharma AG, Germany* held in Berlin in January 2007 resolved to effect a 'squeeze-out' of the remaining minority stockholders.

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The Extraordinary Stockholders’ Meeting of Bayer Schering Pharma AG, Germany held in Berlin in January 2007 resolved to effect a “squeeze-out” of the remaining minority stockholders.

Berlin/Leverkusen – For Bayer, the outstanding event of 2006 was undoubtedly the acquisition of Schering AG, Berlin, Germany – the largest transaction in the Group’s history. It was on March 23 that Bayer first announced its intention to acquire Schering; on April 13, the official offer document was submitted. By September 8, Bayer controlled over 95 percent of Schering AG stock. On September 13, at an Extraordinary Stockholders’ Meeting in Berlin, Schering’s stockholders consented to the domination and profit and loss transfer agreement with Bayer subsidiary Dritte BV GmbH. On October 27, the agreement came into force upon being entered in the commercial register. On December 29, Schering AG was officially renamed Bayer Schering Pharma AG, Germany*. Then in January 2007, an Extraordinary Stockholders’ Meeting of Bayer Schering Pharma AG, Germany* was held in Berlin, at which the decision was made to effect a “squeeze-out” of the company’s remaining minority stockholders. Bayer Schering Pharma AG, Germany* remains headquartered in Berlin and will be managed together with Bayer’s current pharmaceutical business as a division of the Bayer HealthCare subgroup. Outlining his view of the new company’s future, Bayer AG Management Board Chairman Werner Wenning says: “Bayer Schering Pharma AG, Germany* is set to become a strong, effective, world-class company that will take its place among the top ten international suppliers of specialty pharmaceuticals.”

The names "Bayer Schering Pharma" or "Schering" as used in this publication always refer to Bayer Schering Pharma AG, Berlin, Germany, or its predecessor, Schering AG, Berlin, Germany, respectively.