The "big picture", here? Bust-up, confirmed -- but big antitrust hurdles remain -- to create the world's largest global Animal Health behemoth. Per Bloomberg this morning:
. . . .Morgan Stanley, which is advising on the sale, sent out documents to prospective buyers, which may include Pfizer Inc., Bayer AG, Boehringer Ingelheim GmbH, Eli Lilly & Co. and Novartis AG, said the people, who declined to be identified because the matter isn’t public. The process is still at an early stage and probably won’t get under way until later this year, they said. . . .
Selling the assets may allow Paris-based Sanofi and Merck, of Whitehouse Station, New Jersey, to resolve antitrust concerns and complete the joint venture. . . .
Recall all that affectionate backscratching, at the Morgan Stanley conference? Sure you do. Now we have confirmation as to why it occured.