Bayer may have lost out in the bidding for Schering-Plough's animal health business, but another deal may be in the company's near future. And that willingness to deal is a turnabout from CEO Werner Wenning's (photo) stated priorities back in March.
Wenning offered $8.5 billion for Schering's Intervet unit, sources told Bloomberg, and had gone so far as to put some financing in place. Bayer had commitments from three banks and was considering a securities offering to help finance the deal. But Schering's merger partner Merck elected to keep Intervet and sell its 50 percent share in Merial to partner Sanofi-Aventis.
If the Intervet deal had gone through, it would have been Bayer's second-largest acquisition to its takeover of Schering AG in 2006, Bloomberg reports. And it would have helped Wenning continue to pump up the healthcare side of Bayer's business. Sources told the news service that the CEO may now scout for buyout targets in the U.S. and Asia.
- read the Bloomberg piece