So a Friday rumor piece on the continent has it that Morgan Stanley will lead the asset disposition process, and bidding, on the animal health assets of New Merck (formerly Organon/Intervet, under legacy Schering-Plough), and on the assets of New Merial.
These divestitures are quite likely to amount to almost one third of the combined entities' girth, pre-divestiture, according to several published reports.
If the rumor turns out to be true, we should note that C. Robert Kidder sits on the boards of directors of both Merck, and Morgan Stanley. He is also the only ex-Schering-Plough director to be assigned important committee seats on the New Merck board, after the bust-up. I wonder -- did he recuse himself, when the vote on bankers was taken? Who knows.
In any event, here is the item:
. . . .[New Merck and Sanofi/New Merial] have appointed Morgan Stanley to handle the sale of some assets that regulators are expected to ask them to divest, people familiar with the matter said Friday.
One person said, however, that the sale process isn't expected to kick off formally until autumn. . . .As part of that process, the two drugmakers are expected to sell assets worth several hundred millions of dollars, in order to help secure regulatory approval from the U.S. Federal Trade Commission and European Union antitrust authorities. . . .
Again -- take it with some salt, as no principal has confirmed it, and even Morgan Stanley is mum on the matter at the moment. Still, the Kidder connection will loom large, should it turn out to be true. In any event, we knew it wouldn't be Goldman, Sachs & Co., right? Heh.
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