SCHERING Spoiler

Merck may have been outbid in the battle for Schering, but it is refusing to let go of its prey. By building a 21% stake in the Berlin-based drugs group, it can potentially block the E16.5bn bid made by Bayer - which trumped its original hostile approach. Bayer needs 75% of Schering’s equity to win the bid. While it already owns or has acceptances for 61%, getting over that hurdle won’t be easy. It means gath-ering more than three quar-ters of the outstanding 18% of the votes to be cast in its ...