Organon boss disappointed over sale

Organon CEO Toon Wilderbeek is ‘extremely disappointed’ about events surrounding the sale of the pharmaceutical company to Schering-Plough, he says in an an internal memo, obtained by the Financieele Dagblad.

Organon’s owner Akzo Nobel yesterday surprised investors and analysts alike by announcing the sale of the company to Schering Plough for €11bn. On Friday Wilderbeek had told a news conference that March 27 had been pencilled in for the IPO and that the prospectus would be issued on March 12.
In the memo, Wilderbeek says he will stay with the company until the takeover is finalised and says he is ‘personally very disappointed’ by events.
Akzo Nobel chairman Hans Wijers denied the sale had been done behind Wilderbeek’s back. ‘I have kept Toon informed about the negotiations over the past 10 days. He was not involved in them,’ Wijers told the FD.

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