euro adhoc: Schering AG
Buybacks
Schering AG announces the largest program
for buy-back of shares in the company's history and its intention to purchase
from Chiron Corporation the items of property used in the manufacture of
Betaseron
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
20.02.2006
The Executive Board of Schering AG has announced its decision to purchase own shares on the stock market up to the value of EUR 500 million over a period from March 1, 2006 to September 30, 2006. This is based on the authorization to acquire own shares with a notional value of up to EUR 15,000,000 million, which was granted by the Annual General Meeting on April 14, 2005. The upper and lower limit for the purchase price set by the Annual General Meeting will be observed. The number of shares bought back per day is limited to a maximum of 20% of the volume traded on the stock exchange (Xetra).
Since 1998, Schering AG has bought back own shares for around EUR 744 million in the context of several share buyback programs. Todays announced volume of shares to be repurchased is significantly larger than every previous buyback program.
The Executive Board has not yet made a decision on how to use the acquired shares.
Schering also announced today its intention to exercise its right under its Betaseron supply agreement with Chiron Corporation to purchase from Chiron all of the items of property used by Chiron in the manufacture for Schering of Betaseron products.
Upon completion of the purchase, the terms of which have not yet been fixed, Schering would control the means of supply of Betaseron in the United States thus ending its supply relationship with Chiron.
end of announcement euro adhoc 20.02.2006 06:49:54
Further inquiry note:
Oliver Renner
Head Corporate Business Communication
Tel.: +49 (0)30 468 12431
Fax: +49 (0)30 468 16646
E-Mail: oliver.renner@schering.de
Branche: Pharmaceuticals
ISIN: DE0007172009
WKN: 717200
Index: DAX, CDAX, HDAX, Prime All Share
Börsen: Baden-Württembergische Wertpapierbörse / regulated dealing
Niedersächsische Börse zu Hannover / regulated dealing
New York / ADR
Frankfurter Wertpapierbörse / official dealing/prime standard
Börse Berlin-Bremen / official dealing
Hamburger Wertpapierbörse / official dealing
Börse Düsseldorf / official dealing
Bayerische Börse / official dealing