Boehringer Ingelheim rejects new merger advances

Germany's largest privately owned drugs manufacturer, Boehringer Ingelheim, has rejected recent M&A advances by undisclosed major German and Swiss companies and plans to stay independent, at the firm's annual financial results meeting. Boehringer Ingelheim's mission is to increase market share, increase profitability, and stay independent. The firm had &euro2.6 billion in liquid assets at the end of 2002, and it has no plans to go public. Boehringer Ingelheim also is not interested in acquiring Bayer AG's pharmaceutical division. Boehringer Ingelheim plans to increase its capital expenditure by 10%-15% in year 2003. Boehringer Ingelheim is in talks with Merck KGaA to extend a drug production pact.