Organon takeover too costly and complicated, says Merck
Sunday 06 March 2011
US pharmaceuticals giant Merck turned down an offer for its Organon unit in Oss because it would cost the company $700m more than closing it down, the company told a court hearing on Friday.
That and the complexity of the transaction were reasons enough to reject the offer, Merck said.
The works council and supervisory board at the Organon plant went to court in an effort to have takeover talks reopened.
Merck is planning to close the research and development department and one production line with the loss of over 2,000 jobs.
The court will announce its decision on March 11.
© DutchNews.nl
Readers' comments
Comments have been closed for this article.
|
This is an old story. A company buy another company, gets the technology and cuts loose the company it bought. Or is it that there is nothing in the pipeline from Organon? Where are the Merck biosimiliar drugs promissed shareholders?
By Kobi James | March 7, 2011 4:55 PM