As I have repeatedly pointed out, Schering-Plough's official timeline for closing the bust-up (styled as a reverse merger with Merck) seems driven by antiquated views. Specifically, the companies' beliefs about a set of antitrust policies -- lax policies that "left office" when Bush 43 did, on January 20, 2009.
That is, as I have said (perhaps ad nauseum), Hart-Scott staffers at FTC have a newly-invigorated mandate to review, and consider restructuring, transactions involving companies with large market positions -- like Merck/Schering-Plough (and Pfizer/Wyeth). And that will "chew up a lot of clock", on the so-called official timeline. Here is renewed confirmation of that meme, this time in Forbes online (running a Michael Erman Reuters' feed):
. . . .Bankers and lawyers said antitrust officials appointed by President Obama have broadened and lengthened investigations and they expect more vigorous enforcement in years to come. . . .
"I think deals are taking longer to come together as a result of antitrust and being structured in a way to mitigate the increased antitrust scrutiny. . . ."
Christine Varney, the U.S. Justice Department's top antitrust official, has repeatedly pledged to take a more aggressive approach on the combination of companies with large market positions. . . .Lawyers are keeping a close watch on the outcome of the antitrust reviews of the Ticketmaster/LiveNation deal and Oracle Corp's plan to buy Sun Microsystems Inc. They are also waiting to see what kinds of demands the FTC makes in drugmaker Pfizer Inc's mammoth acquisition of Wyeth, as well as Merck & Co Inc's planned purchase of Schering Plough Corp, according to Beau Buffier, a partner in Shearman & Stearling's antitrust division. . . .
Indeed. Even Sanofi-Aventis, a company based in Europe, plainly thinks so (click image below to enlarge) -- so why won't these two accept the obvious?:
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