Ciba and Sandoz Announce Huge Merger
BASEL, Switzerland (AP) _ Switzerland’s Ciba Geigy and Sandoz AG announced Thursday that they plan a $30 billion merger, forming the world’s biggest drug and agrochemicals concern.
The new firm, to be called Novartis, must be approved by shareholders in April.
Ciba said it would divest itself of its chemical and dye interests and sell them off, a similar move to the one undertaken by Sandoz last year.
The companies indicated there would be huge job losses as a result of the merger, although they gave no indication of numbers.
Novartis will be based in Switzerland.
Ciba Geigy President Alex Krauer will head the new company.