Merck, Schering-Plough merger expected to close in fourth quarter

By Lisa Kerner

Charlotte, N.C., Oct. 23 - The European Commission granted its approval for the proposed merger of Merck & Co., Inc. and Schering-Plough Corp., the companies announced on Friday.

Merck and Schering-Plough said they expect to close the transaction in the fourth quarter of 2009.

Shareholders of both companies approved the merger in August.

In March 2009, the pharmaceutical companies announced that Merck will acquire Schering-Plough in a stock-and-cash transaction valued at $41.1 billion, or approximately $23.61 per share.

Schering-Plough shareholders will receive 0.5767 shares of new Merck common stock and $10.50 in cash for each share of Schering-Plough. Each Merck share will automatically become a share of the combined company.

Merck is based in Whitehouse Station, N.J., and Schering-Plough is based in Kenilworth, N.J.

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