Merck says Schering bid attractive, open for talks

FRANKFURT (Reuters) - German drugs and chemicals group Merck KGaA (MRCG.DE: Quote, Profile, Research, Stock Buzz) feels its takeover offer for rival Schering (SCHG.DE: Quote, Profile, Research, Stock Buzz) is attractive, and Merck is open for talks, the head of Merck's chemicals unit told the Reuters Chemicals Summit on Friday.

"We made an attractive offer," Walter Zywottek said of the 77-euros-a-share bid for Schering.

"Our door is open, but someone has to come through the door. So far we haven't seen anyone walking through it," he added.

Zywottek said the its chemicals unit had made a good start to 2006.

"We will not disappoint expectations. The year has started well."

He said Merck, one of Europe's last surviving drug-chemical hybrids, was committed to both parts of its business and there were no plans to spin off the chemicals unit after a possible acquisition of Schering.

The unit, which includes the star performer liquid crystals business, contributed 58 percent of Merck's operating profit last year, and 32 percent of sales.

Liquid crystals go into mobile phone displays and flat-screen televisions.

Zywottek said Merck's current management would run the company after any acquisition of Schering, though additions to it were possible after talks with its rival.  Continued...