Schering Plough is to buy the Organon medicines business of Akzo Nobel, the Dutch chemicals group, for €11bn ($14.44bn) after a last-minute switch in tactics.
The move marks a fresh sign of consolidation in the pharmaceuticals sector and a reversal by Akzo, which was due to begin marketing a planned initial public offering of Organon this week.
It comes after the Akzo board said it had received a binding offer from Schering Plough, which has long been tipped as a likely candidate in merger activity.
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