Bayer breaks hybrid pricing record with €3bn for Merck deal

Bayer scientist  230x150
By Jon Hay
26 Jun 2014

Bayer, the German pharmaceutical and chemical company, set a new benchmark for tight pricing in corporate hybrid capital this week – despite having a big funding need to pay for its $14.2bn acquisition of Merck’s consumer care business.

Bayer had made it clear since it announced the takeover in May that it would use hybrid capital as part of the funding when it refinanced the bridge loan provided by Bank of America Merrill Lynch, BNP Paribas and Mizuho.

On Tuesday, Bayer revealed its plans ...

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