Someone Asked About the Proposed "New Merck" NYSE Ticker Symbol. . . .

This is a minor matter, but someone elsewhere asked what the proposed new NYSE ticker symbol might be, for the combined Schering-Plough/New Merck entity. Even though Schering's shell will survive the merger, its name will not. Its stock symbol will not. Its wordmark will not. And so, this NYSE "ticker" question was answered on the fourth page of the introductory letters, on the cover of Merck's definitive Form S-4, filed with the SEC on June 25, 2009:

. . . .a total of approximately 3,099,067,269 shares of the combined company will be offered to the Merck and Schering-Plough shareholders in the merger. . . . the shares of the combined company, which we expect will be listed on the New York Stock Exchange and traded under the symbol "MRK". . . .

So, it will be MRK. Now, about five trading days before closing -- it is likely that so-called "when-issued" trading will begin, in "New Merck", under some variant of MRK -- like MRK.WI or MRK-W or some such. However, I honestly would not expect to see that happen until very late in 2009, or even early 2010. Why?

Remember, while the Merial deal may have helped to clear the US FTC path, in part (query whether the Intervet call option, in favor of Sanofi will slow things down) -- we still have no indication from the European Competition Commission. The Merial Merck Sanofi Intervet web of transactions is likely-going to more directly affect European animal health markets, than the United States markets.

Even so, there may yet be a third request, under Hart-Scott, here in the United States -- seeking to revise the terms of the Intervet call option.

As ever, we shall see.