LYCOS RETRIEVER 
Merck: Merck Family
built 623 days ago
With more than 34,500 employees in 53 countries, the Merck Group generated sales of EUR 7.5 billion in 2002. Founded in 1668 in Darmstadt, Germany, the company aims to be a world leader within its core businesses of pharmaceuticals and chemicals. The Merck Group strongly believes the key to its long-term business success is innovative products created by entrepreneurial and talented employees. Merck groups its operating activities under Merck KGaA, in which the Merck family holds 74% and the remaining 26% is publicly traded. The former U.S. subsidiary, Merck & Co., has been a completely independent company since 1917.
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Merck faces lawsuits by those who suffered heart attacks after taking the drug, as well as from family members. The e-mails and documents reviewed by the Journal could hurt the company in those suits.
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The acquisition will be funded initially through existing Merck cash and a bridge financing. The all-cash transaction will be refinanced through a combination of a syndicated loan, a bond and a capital increase of EUR 2 to 2.5 billion, in which the Merck Family will participate with an amount of up to EUR 1 billion. Merck is committed to retaining its investment-grade rating and expects a rapid deleveraging driven by a strong operating cash flow. Merck expects the transaction will have a positive impact on adjusted earnings per share (before transaction related charges and one time restructuring costs).
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WHO's Director-General, Dr. Gro Harlem Brundtland, welcomed the decision by Merck. "Merck's generous contribution will greatly strengthen the global coalition to fight lymphatic filariasis, and in particular the private sector representation in this coalition. It includes partners from the governments of endemic and non-endemic countries, international organizations of the United Nations family and a number of important non-government institutions -- all working together to overcome this debilitating disease and to improve the health of those served by this effort."
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