Merck KGaA CEO says has firepower for more deals
FRANKFURT (Reuters) - German diversified chemicals and pharmaceuticals group Merck KGaA (MRCG.DE) said it could pursue more acquisitions after launching a takeover offer for Britain's AZ Electronic Materials (AZEM.L).
"These acquisitions could take place in all of the businesses that we have," Chief Executive Karl-Ludwig Kley told Journalists at a press conference on Thursday.
"Further development of the business does not necessarily and always take the shape of a spectacular transaction," he cautioned.
Merck said it would fund the AZ deal, worth 2.1 billion euros ($2.9 billion) including about 238 million euros in assumed debt, from its cash reserves, which amounted to more than 3 billion euros.
He also said that during the course of the takeover procedure, Merck had the legal option to change the 95 percent acceptance threshold that the offer is conditional to.
Merck reduced its net financial debt to 536 million euros as per September, down from almost 2 billion at the end of 2012.
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