Bayer Offers $19.6 Billion For Schering

Bayer AG (BAY) offered 16.3 billion euro or about $19.6 billion to buy drugmaker Schering AG (SHR) which had been fending off German rival Merck's (MRK) takeover offer. Bayer shares added $1.05 to close at $42.74 while Schering shares lost $3.69 to close at $103.51. Meanwhile, Merck shares slipped 15 cents to close at $36.05.