Bayer AG (ADR) (BAYRY) Is Not Interested In Zoetis Inc (ZTS)
Bayer AG (ADR) (OTCMKTS:BAYRY) said that the company is not interested in buying Zoetis Inc (NYSE:ZTS). The company believes that its hands are already full.
Bayer AG (ADR) (OTCMKTS:BAYRY) indicated to an analyst last week that it weighed the option of acquiring Zoetis Inc (NYSE:ZTS) last year compared to picking up of the OTC unit of Merck & Co., Inc. (NYSE:MRK). However, the company preferred the latter and acquired it for $14.2 billion last May.
The German healthcare firm has been toying with the idea of boosting its animal health operations. However, that is yet to happen in the company, according to its CEO Marjin Dekkers. The company also thought of snapping up Novartis AG (ADR) (NYSE:NVS)’s veterinary business. However, Eli Lilly and Co (NYSE:LLY) entered the fray and gabbed it last year. The company also planned a move for Zoetis Inc (NYSE:ZTS). That was before Pfizer Inc. (NYSE:PFE) disclosed its intention of spinning off the business.
In the recent times, Bayer AG (ADR) (OTCMKTS:BAYRY) seemed to have gone berserk on M&A. Before its agreement with Merck consumer health, the company acquired another OTC firm in China, Dihon Pharmaceutical. As a result of the two big transactions, the company’s debt grew to $21 billion. The pension liabilities also reached $13.5 billion. This have given the company a lot to swallow financially in the near-term for the German firm.
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