Merck KGaA Again Extends Offer for AZ Electronic Materials

Germany's Merck KGaA has once again extended its offer for AZ Electronic Materials. The new completion date is May 2, pending antitrust clearance by China's ministry of commerce (MOFCOM).

Merck said discussions with MOFCOM are continuing and it is focusing its efforts on obtaining clearance as early as possible.

Since its last communication on the offer in mid-March, the Darmstadt-based chemicals and pharmaceuticals producer said it has been working to address unnamed "specific concerns" of the Chinese authorities.

"While Merck is confident that the concerns are addressable," CEO Karl-Ludwig Kley said "it is important for the stakeholders to know that we will follow the appropriate procedure in China."

As of Apr. 18, Merck had received valid acceptances of shareholders representing 67.53% of AZ's capital. Earlier, the company said it had lowered its acceptance threshold to 75% from 95%.