Merck:Strategically confused?

Merck appears to be engaged in a bit of brinksmanship. It has just doubled its stake in Schering to 10%, just several weeks after saying it wouldn’t be a long-term shareholder in its fellow German drugs maker. Merck had acquired its initial stake in Schering when it made a hostile run at the group in March. Bayer then popped up with a better offer, forcing Merck to abandon its bid - and leaving it with a seemingly superfluous stake in Schering. Bayer’s takeover offer expires on June 14. So fa...