Bayer's Takeover Bid
On March 13, 2006, Merck KGaA announced a €14.6 bn bid for Schering . Merck's takeover bid was surpassed by Bayer's €16.5 bn white-knight bid for Schering on March 23, 2006. In June 2006 Bayer finally bought the majority of shares, over 90%. A domination agreement using the code name "Step One" was used for the take-over. As a result of the take-over by Bayer, Schering AG merged with Bayer's pharmaceutical sector to form Bayer Schering Pharma AG in December 2006. On February 17, 2007 the company publicly announced that 1,000 jobs would be cut through voluntary redundancy from the Berlin operations with effect until March 2008. In 2011 the name Bayer Schering Pharma was changed into Bayer Healthcare, thus removing the last traces of Schering from the company formed in the merger in 2006.
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