German pharmaceutical giant Merck KGaA on Monday said it has agreed to buy chemical company Sigma-Aldrich Corp. for $17 billion in cash in Merck’s largest takeover to date.
The deal is expected to broaden Merck’s base in the U.S. and Asia and help improve its laboratory supply business. Merck, which was founded in 1668 and split from its American subsidiary Merck & Co. during World War I, is offering $140 per share for all of the outstanding shares of Sigma-Aldrich—a 37 percent premium over the target’s closing price on Friday. The deal is expected to close by mid-year 2015, subject to the usual regulatory and shareholder approvals.
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