Report
Hugo Solvet

MERCK KGAA BUY | EUR113 Merck raises its offer for Versum

MERCK KGAA BUY | EUR113 Merck raises its offer for Versum

Offer for Versum raised by 10% to USD53 per share
Strengthening its leadership (upstream semi manufacturing)
Expensive deal and limited synergies (for now?)
Uncertainties around timing and sustainability of margins
Accretive beyond 2021
Underlying
Merck & Co. Inc.

Merck & Co. is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies and animal health products. The company's segments are: Pharmaceutical, which includes human health pharmaceutical products that consist of therapeutic and preventive agents for the treatment of human disorders, and human health vaccine products that consist of preventive pediatric, adolescent and adult vaccines; and Animal Health, which discovers, develops, manufactures and markets veterinary pharmaceuticals, vaccines and health management solutions and services, as well as a suite of digitally connected identification, traceability and monitoring products.

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Hugo Solvet

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