Merck KGaA Chairman Karl-Ludwig Kley is feeling pretty good about the hard work his company has accomplished in the last three years or so. A tough series of job cuts helped it exceed cost-cutting goals. It has a new pact with Pfizer ($PFE) in the fast-emerging field of immuno-oncology for its anti-PD-L1 program that is worth up to $2.85 billion. That came on top of its $2.6 billion M&A move to gain control of AZ Electronic Materials and its much larger $17 billion buyout of chemical and lab equipment maker Sigma-Aldrich ($SIAL). With its stock price exceeding the market in growth and running around €100 a share, the company today suggested shareholdes reward themselves with a 5.3% dividend increase to €1 a share, something they quickly approved. Announcement | More