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Deals

Germany's Merck says it will focus on smaller takeovers

FILE PHOTO: A logo of drugs and chemicals group Merck KGaA is pictured in Darmstadt, Germany January 28, 2016. REUTERS/Ralph Orlowski

FRANKFURT (Reuters) - German drugs and chemicals maker Merck KGaA MRCG.DE said on Wednesday it would until 2022 focus on cutting its debt from the takeover of electronic materials company Versum and any acquisitions thereafter would likely be smaller ones.

“We don’t rule out large transformative deals as of 2022, yet in view of our strong business portfolio, at present the likelihood is higher that we will complement our businesses through a number of smaller to medium-sized acquisitions after 2022,” Chief Executive Stefan Oschmann said in a statement.

Reporting by Ludwig Burger; Editing by Michelle Adair

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