Merck and Schering-Plough announce merger

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} Pharmaceutical giants Merck and Schering-Plough are to merge in a deal valued at $41.1 billion, creating one of the world's biggest drug companies.   The deal follows Pfizer's announcement of its $68 billion takeover of Wyeth, in January.   Shareholders in Schering Plough will receive $10.50 in cash, plus just over half of one Merck share, for each Schering-Plough share.   The new company will retain the name Merck, and will be led by Merck CEO Richard Clark. The two companies had combined revenues $47 billion in 2008, and the merger is expected to save $3.5 billion in costs annually beyond 2011, a company statement said.   "We are creating a strong, global healthcare leader built for sustainable growth and success," said Clark in the statement. "The efficiencies we gain will allow us to invest in strategic opportunities, while creating meaningful value for shareholders."     *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *