Schering execs in line for $107M-plus

Just how much do Schering-Plough execs stand to gain from the $41 billion Merck merger? The final numbers are in--and very official, having been reported to the Securities & Exchange Commission by both companies. The upshot? $107.9 million.

That's the total amount 10 Schering execs can collect in severance and pension payouts, post-merger. And that doesn't include the tens of millions in stock options, performance shares, medical benefits, et al, the Wall Street Journal Health Blog points out. CEO Fred Hassan (photo) alone would get severance of $17.7 million, plus pension benefits of $13.2 million.

The SEC filing comprises some 275 pages, with plenty of behind-the-scenes detail on how the deal came about. Not to mention lots of legalese; we eagerly scrolled to a section titled "Directors and Officers of New Merck," and only discovered that all but three of the Schering directors will resign just before the merger is consummated, and that the new board will appoint the new officers. No names included.

- see the massive SEC filing
- check out the story in the Wall Street Journal

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