Alexa
  • Directory of Taiwan

Bayer to acquire Schiff; reports Q3 rise in earns

Bayer to acquire Schiff; reports Q3 rise in earns

German drug and chemical maker Bayer AG says it's buying U.S. vitamin and supplement maker Schiff Nutrition International Inc. for $1.2 billion ((EURO)930 million) in cash to help bolster the offerings of its consumer health division.
The announcement Tuesday came as the Leverkusen-based company reported third quarter earnings before interest, taxes, depreciation and amortization rose 2.2 percent to (EURO)1.85 billion. Actual net income dropped 17.8 percent to (EURO)528 million due to one-off items _ largely payments related to costs associated with litigation over the birth control pills marketed as Yasmin or Yaz, which are claimed to cause blood clots.
Bayer says it's paying $34 per share for Schiff, which is headquartered in Salt Lake City, Utah, and has offices in Emeryville, California. Schiff closed Friday at $23.2.


Updated : 2021-07-29 08:50 GMT+08:00