Bayer Schering would rank among the top 12 health care firms in the world.

FORBES: Avaricious In Germany

The speculation was that Merck wanted to force concessions out of Bayer, trading control for choice businesses or patents from Bayer or Schering.

ECONOMIST: Two historic German drugs firms scrap for control of a third

The new company would be called Bayer-Schering Pharmaceuticals.

FORBES: Avaricious In Germany

Like Bayer, Merck KgAA wanted Schering's pipeline, profitability and relatively large U.S. presence--and to create a drug firm big enough to compete with the likes of Pfizer (nyse: PFE - news - people ), GlaxoSmithKline (nyse: GSK - news - people ) and Sanofi-Aventis .

FORBES: Avaricious In Germany

That deal failed, as another German drug firm, Bayer of Leverkeusen, merged with Schering.

FORBES: A Billionaire Sells His Biotech

Schering's board is supporting Bayer's offer and recommending that investors accept it.

FORBES: Avaricious In Germany

Bayer now has close to 60% of Schering in its pocket.

ECONOMIST: Two historic German drugs firms scrap for control of a third

By crossing the 30% threshold Bayer was obliged to make a new offer for Schering at a market price.

ECONOMIST: Two historic German drugs firms scrap for control of a third