It makes sense because both Merck and Schering are too small to compete.

A lot of the blockbuster products will lose their patents soon, so the companies are milking them for what it is worth. Of course everybody would rather have a young pipeline, but that is easier said than done.

The basic problems of an empty pipeline and a difficult partner search remain.

It makes sense because both Merck and Schering are too small to compete. Sentiment is good for mergers and acquisitions at the moment.

The share price can only be explained by takeover speculation.

The pressure for consolidation is unavoidable and has gained new momentum.