...On March 9, 2009, Fitch Ratings placed Merck & Co.'s (Merck) ratings on Rating Watch Negative following the announcement of a definitive merger agreement with Schering-Plough Corp. (Schering-Plough), whereby Merck will purchase all outstanding shares of Schering-Plough for approximately $41.1 billion. Merck anticipates financing the transaction with 56% equity and 44% cash, of which incremental debt of $8.5 billion, comprising $3 billion from a one-year bridge loan and $5.5 billion from revolver borrowings, will be utilized. Integration efforts are continuing, and the agreement is still expected to be finalized in the fourth quarter. + ...
|
