155 Years of Independence Ends for Schering

Schering's chairman of the board Hubertus Erlen said the event hit him hard "emotionally." At the company's final shareholders' meeting in Berlin, it was his duty to present to the remaining shareholders the final agreement that would render the official end of the pharmaceutical company that has been in existence for 155 years.

The new owners, headed by Bayer chairman Werner Wenning, certainly didn't want to miss the occasion despite the presence of a handful of angry people who still held onto Schering shares. It was Bayer that had won a takeover battle against German rival Merck to create what will be the country's number one pharmaceuticals manufacturer.

In the spring, Bayer offered 17 billion euros ($21.6 billion), or around 89 euros/share for Schering. Since the approval of the takeover by the Schering board, the Leverkusen-based company purchased 95 percent of Schering's outstanding shares. The remaining holders expressed their discontent that despite a current price of 91 euros per share, they were being "forced" to accept the buyout price.

Fate of Schering workers uncertain

At the extraordinary shareholders' meeting, Erlen didn't provide any details about Schering's function within the Bayer group. A full fusion with Bayer's pharmaceutical division would occur "midterm," but how and when that would happen were not yet decided, he said.

Under the name of "Bayer Schering Pharma AG," workers for the new Bayer subsidiary face an uncertain future. What is definite is that 6,000 of over 24,000 jobs worldwide will be cut due to the takeover.

Erlen, however, will be bumped up into the supervisory board of Bayer Schering Pharma AG and will receive a 6.6 million euro severance package for his 34 years of service to the Berlin company.